Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income Before Income Tax, Domestic and Foreign |
United States and international
components of income before income taxes were as follows:
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| United States |
|
$ |
(5,171,150 |
) |
|
$ |
(5,654,598 |
) |
| International |
|
|
(507,269 |
) |
|
|
(2,257,914 |
) |
| Income before income taxes |
|
$ |
(5,678,419 |
) |
|
$ |
(7,912,512 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The income tax provision
(benefit) consisted of the following:
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Federal |
|
|
|
|
|
|
|
|
| Current |
|
$ |
- |
|
|
$ |
- |
|
| Deferred |
|
|
(979,625 |
) |
|
|
5,378,411 |
|
| |
|
|
|
|
|
|
|
|
| State and local |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
1,839,145 |
|
|
|
(2,099,305 |
) |
| |
|
|
|
|
|
|
|
|
| Foreign |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
1,590 |
|
|
|
19,576 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
861,109 |
|
|
|
3,298,682 |
|
| Change in valuation allowance |
|
|
(861,109 |
) |
|
|
(3,298,682 |
) |
| Income tax provision (benefit) |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
For the years ended December
31, 2018 and 2017, the expected tax expense (benefit) based on the statutory rate is reconciled with the actual tax expense (benefit)
as follows:
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| U.S. federal statutory rate |
|
|
(21.0 |
)% |
|
|
(34.0 |
)% |
| State taxes, net of federal benefit |
|
|
(3.1 |
)% |
|
|
(11.0 |
)% |
| Permanent differences |
|
|
0.7 |
% |
|
|
1.8 |
% |
| Write-off of deferred tax asset |
|
|
3.9 |
% |
|
|
1.6 |
% |
| Change in tax rates |
|
|
0.0 |
% |
|
|
86.0 |
% |
| Prior period adjustments |
|
|
33.4 |
% |
|
|
(3.0 |
)% |
| Other |
|
|
1.3 |
% |
|
|
0.3 |
% |
| Change in valuation allowance |
|
|
(15.2 |
)% |
|
|
(41.7 |
)% |
| |
|
|
|
|
|
|
|
|
| Income tax provision (benefit) |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
| Schedule of Deferred Tax Assets |
As of December 31, 2018
and 2017, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:
| |
|
For the Years Ended |
|
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Net operating loss |
|
$ |
18,734,230 |
|
|
$ |
19,315,973 |
|
| Stock based compensation |
|
|
1,120,521 |
|
|
|
1,381,564 |
|
| Argentine tax credits |
|
|
433,407 |
|
|
|
439,541 |
|
| Accruals and other |
|
|
4,991 |
|
|
|
5,708 |
|
| Receivable allowances |
|
|
415,662 |
|
|
|
428,814 |
|
| Total deferred tax assets |
|
|
20,708,810 |
|
|
|
21,571,600 |
|
| Valuation allowance |
|
|
(20,701,515 |
) |
|
|
(21,562,624 |
) |
| Deferred tax assets, net of valuation allowance |
|
|
7,295 |
|
|
|
8,976 |
|
| Excess of book over tax basis of warrants |
|
|
(7,295 |
) |
|
|
(8,976 |
) |
| Net deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|