Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule Of Pre Tax Earnings
Pre-tax earnings consisted of the following for the years ended:
 
 
 
December 31,
 
December 31,
 
December 31,
 
 
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
Pre-Tax (Loss)
 
 
 
 
 
 
 
 
 
 
U.S.
 
$
(19,680,720)
 
$
(19,263,625)
 
$
(13,425,887)
 
Outside the U.S.
 
 
47,218
 
 
43,543
 
 
(1,591)
 
Total Pre-Tax (Loss)
 
$
(19,633,502)
 
$
(19,250,082)
 
$
(13,427,478)
 
Schedule of Components of Income Tax Expense (Benefit)
The provision expense/(benefit) for income taxes for the years ended December 31, 2017, 2016 and 2015 was as follows:
 
 
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Income Taxes:
 
 
 
 
 
 
 
 
 
 
Current Provision
 
$
 
$
 
$
 
Deferred Provision
 
 
3,639,752
 
 
(5,963,589)
 
 
(3,730,342)
 
Valuation Allowance
 
 
(3,639,752)
 
 
5,963,589
 
 
3,730,342
 
Income Taxes Outside the U.S.:
 
 
 
 
 
 
 
 
 
 
Current Provision
 
 
 
 
 
 
 
Deferred Provision
 
 
215,745
 
 
(197,907)
 
 
 
Valuation Allowance
 
 
(215,745)
 
 
197,907
 
 
 
State Income Taxes:
 
 
 
 
 
 
 
 
 
 
Current Provision
 
 
 
 
 
 
 
Deferred Provision
 
 
(59,530)
 
 
(75,442)
 
 
(128,572)
 
Valuation Allowance
 
 
59,530
 
 
75,442
 
 
128,572
 
 
 
 
 
 
 
 
 
 
 
 
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, 2017, 2016 and 2015 is as follows:
 
 
 
2017
%
 
2016
%
 
2015
%
 
Federal Income Tax at Statutory Rate
 
 
34.0
 
 
34.0
 
 
34.0
 
State Tax Provision, Net of Federal Benefit
 
 
0.3
 
 
0.3
 
 
0.3
 
Foreign Income Taxed at Other Than 34%
 
 
 
 
(0.7)
 
 
 
Change in Corporate Tax Rates from 34% to 21%
 
 
(52.9)
 
 
 
 
 
Loss on Derivative Valuation
 
 
 
 
 
 
(6.3)
 
Other
 
 
(0.7)
 
 
0.5
 
 
0.7
 
 
 
 
 
 
 
 
 
 
 
 
Effective Tax Rate
 
 
(19.3)
 
 
34.1
 
 
28.7
 
Change in Valuation Allowance
 
 
19.3
 
 
(34.1)
 
 
(28.7)
 
 
 
 
 
 
 
 
 
 
 
 
Net Effective Tax Rate
 
 
 
 
 
 
 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities at year end are as follows:
 
 
 
December 31,
 
December 31,
 
December 31,
 
 
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Assets:
 
 
 
 
 
 
 
 
 
 
Net Operating Loss Carry-forwards
 
$
16,167,791
 
$
19,752,311
 
$
15,027,603
 
Tax Credit Carry-forwards
 
 
2,404,490
 
 
2,398,817
 
 
1,823,661
 
Inventory Valuation Adjustment
 
 
675,830
 
 
622,168
 
 
161,944
 
Officer’s Compensation
 
 
86,670
 
 
271,095
 
 
141,491
 
Loss from Foreign Operations
 
 
 
 
197,907
 
 
 
Other
 
 
108,734
 
 
44,372
 
 
89,783
 
Total Deferred Tax Assets
 
 
19,443,515
 
 
23,286,670
 
 
17,244,482
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Liabilities:
 
 
 
 
 
 
 
 
 
 
Income from Foreign Operations
 
 
17,838
 
 
 
 
 
 
 
Other
 
 
11,789
 
 
 
 
 
 
 
Total Deferred Tax Liabilities
 
 
29,627
 
 
76,815
 
 
271,565
 
 
 
 
 
 
 
 
 
 
 
 
Net Deferred Tax Assets Before Valuation Allowance
 
$
19,413,888
 
$
23,209,855
 
$
16,972,917
 
Valuation Allowance
 
 
(19,413,888)
 
 
(23,209,855)
 
 
(16,972,917)
 
 
 
 
 
 
 
 
 
 
 
 
Net Deferred Tax Assets
 
$
 
$
 
$