Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule Of Pre Tax Earnings
Pre-tax earnings consisted of the following for the years ended December 31, 2015 and 2014:
 
December 31,
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Pre-Tax (Loss) Earnings
 
 
 
 
 
 
 
U.S.
 
$
(13,425,887)
 
$
(7,868,858)
 
Outside the U.S.
 
 
(1,591)
 
 
 
Total Pre-Tax (Loss) Earnings
 
$
(13,427,478)
 
$
(7,868,858)
 
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes for the years ended December 31, 2015 and 2014 was as follows:
 
 
 
 
2015
 
 
2014
 
 
 
 
 
 
 
 
 
U.S. Income Taxes
 
 
 
 
 
 
 
Current Provision
 
$
 
$
 
Deferred Provision
 
 
 
 
 
Income Taxes Outside the U.S.
 
 
 
 
 
 
 
Current Provision
 
 
 
 
 
Deferred Provision
 
 
 
 
 
State Income Taxes
 
 
 
 
 
 
 
Current Provision
 
 
 
 
 
Deferred Provision
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Provision
 
$
 
$
 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory U.S. federal income tax rate to the effective rates for the years ended December 31, 2015 and 2014 is as follows:
 
 
 
2015
 
2014
 
Federal Income Tax at Statutory Rate
 
 
34.0
%
 
34.0
%
State Tax Provision, Net of Federal Benefit
 
 
0.3
%
 
0.2
%
Foreign Income Taxed at Other Than 34%
 
 
(0.0)
%
 
(0.0)
%
Loss on Derivative Valuation
 
 
(6.3)
%
 
(11.1)
%
Change in Rate Assumptions
 
 
0.0
%
 
0.0
%
Other
 
 
0.7
%
 
(2.2)
%
 
 
 
 
 
 
 
 
Effective Tax Rate
 
 
28.7
%
 
20.9
%
Change in Valuations Allowance
 
 
(28.7)
%
 
(20.9)
%
 
 
 
 
 
 
 
 
Net Effective Tax Rate
 
 
0.0
%
 
0.0
%
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) for the years ended December 31, 2015 and 2014 consist of the following:
 
 
 
2015
 
2014
 
 
 
 
 
 
 
Deferred Tax Assets
 
 
 
 
 
 
 
Net Operating Loss Carry-forwards
 
$
15,027,603
 
$
11,418,496
 
Tax Credit Carry-forwards
 
 
1,823,661
 
 
1,433,229
 
Other
 
 
393,218
 
 
876,606
 
Total Deferred Tax Assets
 
 
17,244,482
 
 
13,728,331
 
 
 
 
 
 
 
 
 
Deferred Tax Liabilities
 
 
 
 
 
 
 
Other
 
 
271,565
 
 
614,027
 
 
 
 
 
 
 
 
 
Net Deferred Tax Assets Before Valuation Allowance
 
$
16,972,917
 
$
13,114,304
 
Valuation Allowance
 
 
(16,972,917)
 
 
(13,114,304)
 
 
 
 
 
 
 
 
 
Net Deferred Tax Assets
 
$
 
$