Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

v3.10.0.1
Income taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Domestic and foreign components of income (loss) before income taxes

 

    December 31, 2017   December 31, 2016  

December 31,

2015

Domestic   $ (2,618,595 )   $ (2,244,052 )   $ (9,713,671 )
Foreign     (1,462,534 )     (2,087,164 )     (715,095 )
Loss from continuing operations before provision for income taxes   $ (4,081,129 )   $ (4,331,216 )   $ (10,428,766 )

Income tax provision (benefit)

 

    December 31, 2017   December 31, 2016   December 31, 2015
Foreign            
    Current   $ —       $ —       $ —    
    Deferred     (373,577 )     (550,276 )     (136,663 )
U.S. federal                        
    Current     —         —         —    
    Deferred     2,706,079       (1,579,127 )     (3,268,587 )
State & local                        
    Current     —         —         —    
    Deferred     (234,098 )     (19,698 )     (58,656 )
Total     2,098,404       (2,149,101 )     (3,463,906 )
                         
Change in valuation allowance     (2,098,404 )     2,149,101       3,463,906  
                         
Income tax provision (benefit)   $ —       $ —       $ —    

Reconciliation of statutory and effective income tax rate

 

    December 31, 2017   December 31, 2016   December 31, 2015
U.S. federal statutory income tax rate (benefit)     (34.0 %)     (34.0 %)     (34.0 %)
State income taxes, net of federal benefit     (2.7 %)     (0.4 %)     (0.6 %)
Change in fair value of derivative liability     (10.3 %)     (28.5 %)     0.1 %
Permanent differences     0.1 %     1.0 %     2.5 %
Foreign Tax Rate Differential     2.0 %     2.1 %     0.2 %
Research tax credit     0.0 %     (1.7 %)     (2.3 %)
Tax reform impact on deferred taxes     97.8 %                
Other     1.4 %     7.3 %     1.8 %
Change in valuation allowance     (51.4 %)     50.8 %     33.6 %
Effective rate     0.0 %     0.0 %     0.0 %
                         

Deferred Tax asset and liability

 

    December 31, 2017   December 31, 2016   December 31, 2015
Deferred tax assets                        
Net operating loss carryovers   $ 7,335,196     $ 9,303,936     $ 7,537,193  
R and D credit     489,351       489,351       563,641  
Stock-based compensation     709,218       902,468       491,371  
Derivative liability     59,056       83,674       84,174  
Intangible asset amortization     89,931       66,536       6,634  
Total deferred tax assets     8,682,752       10,845,965       8,683,013  
Valuation allowance     (8,600,408 )     (10,730,878 )     (8,581,777 )
Deferred tax asset, net of valuation allowance     82,344       115,087       101,236  
Deferred tax liabilities                        
Fixed asset depreciation     (23,288 )     (31,413 )     (17,062 )
Intangible asset amortization     —         —         —    
Convertible debt     (59,056 )     (83,674 )     (84,174 )
Total deferred tax liabilities     (82,344 )     (115,087 )     (101,236 )
Net deferred tax asset (liability)   $ —       $ —       $ —