v2.4.0.8
Income Taxes (Tables)
|
9 Months Ended |
|
Income Taxes [Abstract] |
|
Schedule of Loss before Income Tax Provision |
For financial statement purposes, loss before the income tax provision is divided amongst the following;
|
|
For the Three Months |
|
|
For the Nine Months |
|
|
|
Period ended September 30, |
|
|
Period ended September 30, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
$ |
(3,138,444 |
) |
|
$ |
(2,771,554 |
) |
|
$ |
(10,766,842 |
) |
|
$ |
(11,462,493 |
) |
Foreign |
|
|
700,568 |
|
|
|
(412,539 |
) |
|
|
(274,798 |
) |
|
|
(4,552,083 |
) |
Total |
|
$ |
(2,437,876 |
) |
|
$ |
(3,184,093 |
) |
|
$ |
(11,041,640 |
) |
|
$ |
(16,014,577 |
) |
|
Schedule of the Provision (Benefit) for Income Taxes |
Income tax (benefit)/expense for the nine month periods ended September 30, 2014 and September 30, 2013 is summarized as follows:
|
|
September 30,
2014
|
|
|
September 30,
2013
|
|
Current: |
|
|
|
|
|
|
|
|
Federal |
|
|
|
|
|
|
|
|
State |
|
|
- |
|
|
|
- |
|
Foreign |
|
|
88,290 |
|
|
|
41,500 |
|
|
|
|
88,290 |
|
|
|
41,500 |
|
Deferred: |
|
|
|
|
|
|
|
|
Federal |
|
|
- |
|
|
|
- |
|
State |
|
|
- |
|
|
|
- |
|
Foreign |
|
|
- |
|
|
|
- |
|
Income tax expense |
|
$ |
88,290 |
|
|
$ |
41,500 |
|
|
Reconciliation of Effective Income Tax Rate |
The following is a reconciliation of the provision for income taxes at the US federal statutory rate (34%) to the foreign income tax rate for the nine month periods ended September 30, 2014 and 2013:
|
|
September 30,
2014
|
|
|
September 30,
2013
|
|
Tax expense (credit) at statutory rate-federal |
|
|
34 |
% |
|
|
34 |
% |
State tax expense net of federal tax |
|
|
- |
|
|
|
- |
|
Foreign income tax rate difference |
|
|
(6.5 |
)% |
|
|
(5.5 |
)% |
Change in valuation allowance |
|
|
(26.7 |
)% |
|
|
(28.2 |
)% |
Other |
|
|
- |
% |
|
|
- |
% |
Tax expense at actual rate |
|
|
0.8 |
% |
|
|
0.3 |
% |
|
Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at September 30, 2014 and December 31, 2013 are as follows:
Deferred tax assets: |
|
September 30,
2014
|
|
|
September 30,
2013
|
|
Net Operating Losses |
|
$ |
44,769,259 |
|
|
$ |
33,740,565 |
|
Total gross deferred tax assets |
|
|
44,769,259 |
|
|
|
33,740,565 |
|
Less: Valuation allowance |
|
|
(44,769,259 |
) |
|
|
(33,740,565 |
) |
Net deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|
Summary of Net Operating Loss Carryforwards |
As of September 30, 2014 and December 31, 2013, the Company had federal and state income tax NOLs carry forwards of approximately $33 million and $34 million, respectively. The NOL carry forwards for foreign countries amounts to approximately $131 million. Such NOL carry forwards expire as follows:
|
|
Domestic (US) |
|
Foreign |
|
2014-2019 |
|
$ |
514,911 |
|
$ |
28,969,104 |
2019-2024 |
|
|
4,173,661 |
|
|
31,307,025 |
2024-2031 |
|
|
28,132,938 |
|
|
78,233,028 |
NOL's as of September 30, 2014 |
|
$ |
32,821,510 |
|
$ |
138,509,157 |
|
Schedule of Unrecognized Tax Benefits |
The Company does not currently anticipate recording any amount for unrecognized tax benefits within the next 12 months. The following table summarizes the 2012 and 2013 activity related to the unrecognized tax benefits and related tax carry forward:
Balance at December 31, 2012 |
|
$ |
289,136 |
|
Increases related to prior year tax positions |
|
|
- |
|
Decreases related to prior year tax positions |
|
|
(289,136 |
) |
Balance at December 31, 2013 |
|
$ |
- |
|
Increases related to prior year tax positions |
|
|
- |
|
Increases related to prior year tax positions |
|
|
- |
|
Balance at September 30, 2014 |
|
$ |
- |
|
|
X |
- Definition
Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
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- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
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- Definition
Tabular disclosure of income before income tax between domestic and foreign jurisdictions.
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- Definition
Tabular disclosure of the change in unrecognized tax benefits, excluding amounts pertaining to examined tax returns.
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- Definition
Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.
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