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 components of income tax expense (benefit)

The benefit for income taxes differs from the benefit computed by applying the federal statutory rate to loss before income taxes as follows:

 

    Year Ended December 31,  
    2017     2016  
Expected federal income tax benefit at statutory federal rate   $ (2,761,678 )   $ (2,165,421 )
Share-based compensation     197,336       214,430  
Other permanent items     2,668       1,034  
Loss of tax attributes of former subsidiary             437,763  
Effect of change in valuation allowance     (15,344,015 )     843,386  
Prior year true-up     (126,031     656,812  
Tax rate change     1,912,427          
Effect of NOL limitation     16,119,293          
Other             11,996  
Actual federal income tax benefit   $       $    
Schedule of deferred tax assets and liabilities

The components of net deferred tax assets and liabilities are as follows:

 

    As of December 31,  
    2017     2016  
Deferred tax assets                
Accrued bonuses   $       207,175  
Obsolete inventory     21,881       35,426  
Accrued vacation     31,051       32,135  
Net operating loss carryforwards     1,774,700       16,382,515  
Intangible assets, net     634,521       949,088  
Share-based compensation     620,789       934,995  
Basis difference in fixed assets     33,241       53,819  
Contribution, carryforward     677       315  
Valuation allowance, long term     (3,089,306)       (18,557,979 )
Deferred tax asset     27,554       37,489  
                 
Deferred tax liabilities                
Other     (27,554 )     (37,489 )
Net deferred tax asset   $       $