Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
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,
 
 
 
2018
 
 
2017
 
 
2016
 
 
 
 
 
 
 
 
 
 
 
Pre-Tax Income (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
U.S.
 
$
(22,082,137
)
 
$
(19,680,720
)
 
$
(19,263,625
)
Outside the U.S.
 
 
206,424
 
 
 
47,218
 
 
 
43,543
 
Total Pre-Tax Income (Loss)
 
$
(21,875,713
)
 
$
(19,633,502
)
 
$
(19,250,082
)
Schedule of Components of Income Tax Expense (Benefit)
The provision expense/(benefit) for income taxes for the years ended December 31, 2018, 2017 and 2016 was as follows:
 
 
 
2018
 
 
2017
 
 
2016
 
 
 
 
 
 
 
 
 
 
 
U.S. Income Taxes:
 
 
 
 
 
 
 
 
 
 
 
 
Current Provision
 
$
 
 
$
 
 
$
 
Deferred Provision
 
 
(4,848,470
)
 
 
3,639,752
 
 
 
(5,963,589
)
Valuation Allowance
 
 
4,848,470
 
 
 
(3,639,752
)
 
 
5,963,589
 
Income Taxes Outside the U.S.:
 
 
 
 
 
 
 
 
 
 
 
 
Current Provision
 
 
 
 
 
 
 
 
 
Deferred Provision
 
 
41,285
 
 
 
215,745
 
 
 
(197,907
)
Valuation Allowance
 
 
(41,285
)
 
 
(215,745
)
 
 
197,907
 
State Income Taxes:
 
 
 
 
 
 
 
 
 
 
 
 
Current Provision
 
 
 
 
 
 
 
 
 
Deferred Provision
 
 
(140,933
)
 
 
(59,530
)
 
 
(75,442
)
Valuation Allowance
 
 
140,933
 
 
 
59,530
 
 
 
75,442
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2018, 2017 and 2016 is as follows:
 
 
 
2018

%
 
 
2017

%
 
 
2016

%
 
Federal Income Tax at Statutory Rate
 
 
21.0
 
 
 
34.0
 
 
 
34.0
 
State Tax Provision, Net of Federal Benefit
 
 
0.3
 
 
 
0.3
 
 
 
0.3
 
Foreign Tax Rate Differential
 
 
 
 
 
 
 
 
(0.7
)
Change in Corporate Tax Rates from 34% to 21%
 
 
 
 
 
(52.9
)
 
 
 
Permanent Differences
 
 
(1.5
)
 
 
(2.4
)
 
 
(2.4
)
Federal Tax Credits
 
 
2.5
 
 
 
1.1
 
 
 
2.9
 
Other
 
 
0.3
 
 
 
0.6
 
 
 
0.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective Tax Rate
 
 
22.6
 
 
 
(19.3
)
 
 
34.1
 
Change in Valuation Allowance
 
 
(22.6
)
 
 
19.3
 
 
 
(34.1
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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,
 
 
 
2018
 
 
2017
 
 
2016
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Net Operating Loss Carry-forwards
 
$
20,920,285
 
 
$
16,167,791
 
 
$
19,752,311
 
Tax Credit Carry-forwards
 
 
3,035,384
 
 
 
2,404,490
 
 
 
2,398,817
 
Inventory Valuation Adjustment
 
 
104,450
 
 
 
675,830
 
 
 
622,168
 
Officer’s Compensation
 
 
 
 
 
86,670
 
 
 
271,095
 
Stock-based Compensation
 
 
175,753
 
 
 
 
 
 
 
Loss from Foreign Operations
 
 
 
 
 
 
 
 
197,907
 
Other
 
 
207,327
 
 
 
108,734
 
 
 
44,372
 
Total Deferred Tax Assets
 
 
24,443,199
 
 
 
19,443,515
 
 
 
23,286,670
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred Tax Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Income from Foreign Operations
 
 
59,123
 
 
 
17,838
 
 
 
 
Other
 
 
22,069
 
 
 
11,789
 
 
 
76,815
 
Total Deferred Tax Liabilities
 
 
81,192
 
 
 
29,627
 
 
 
76,815
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Deferred Tax Assets Before Valuation Allowance
 
$
24,362,007
 
 
$
19,413,888
 
 
$
23,209,855
 
Valuation Allowance
 
 
(24,362,007
)
 
 
(19,413,888
)
 
 
(23,209,855
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Deferred Tax Assets
 
$
 
 
$
 
 
$