Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.19.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Schedule of income tax expense
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2019     2018     2019     2018  
Current:   (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Federal   $        -     $        -     $ -     $ -  
State     -       -       1,600       2,400  
Foreign     -       -       1,635       1,662  
Total   $ -     $ -     $ 3,235     $ 4,062  
Schedule of reconciliation of the income tax at statutory tax rate
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2019     2018     2019     2018  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Tax benefit at statutory rate   $ (409,180 )   $ (447,328 )   $ (1,014,950 )   $ (742,154 )
Net operating loss carryforwards (NOLs)     418,780       540,592       691,847       712,817  
Foreign investment losses     67,200       14,649       183,700       14,649  
Stock-based compensation expense     72,800       80,526       138,500       138,445  
Amortization expense     (12,800 )     (1,700 )     (25,600 )     (3,400 )
Accrued R&D expense     -       (168,000 )     -       (168,000 )
Accrued payroll     (149,400 )     -       (41,800 )     -  
Others     12,600       (18,739 )     71,538       51,705  
Tax expense at effective tax rate   $ -     $ -     $ 3,235     $ 4,062  
Schedule of deferred tax assets (liability)
    June 30,
2019
   

December 31,

2018

 
    (Unaudited)        
Net operating loss carryforwards (NOLs)   $ 6,689,000     $ 5,632,000  
Stock-based compensation expense     1,078,000       893,000  
Accrued expenses and unpaid expense payable     249,000       184,000  
Tax credit carryforwards     68,000       68,000  
Excess of tax amortization over book amortization     (877,000 )     (818,000 )
Others     421,000       131,000  
Gross     7,628,000       6,090,000  
Valuation allowance     (7,628,000 )     (6,090,000 )
Net   $ -     $ -