Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.19.3
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Schedule of income tax expense
    Three Months Ended
September 30,
    Nine Months Ended
September 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
September 30,
    Nine Months Ended
September 30,
 
    2019     2018     2019     2018  
    (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)  
Tax benefit at statutory rate   $ (688,749 )   $ (524,572 )   $ (1,703,699 )   $ (1,266,726 )
Net operating loss carryforwards (NOLs)     543,562       574,508       1,235,409       1,287,325  
Foreign investment losses     107,200       34,551       290,900       49,200  
Stock-based compensation expense     154,400       84,574       292,900       223,019  
Amortization expense     58,700       (62,700 )     33,100       (66,100 )
Accrued R&D expense     -       -       -       (168,000 )
Accrued payroll     900       -       (40,900 )     -  
Accrued professional expense    

-

     

(47,900

)     -      

(47,900

)
Accrued consulting expense     (122,300 )     -       (122,300 )     -  
Others     (53,713 )     (58,461 )     17,825       (6,756 )
Tax expense at effective tax rate   $ -     $ -     $ 3,235     $ 4,062  
Schedule of deferred tax assets (liability)

    September 30,
2019
   

December 31,

2018

 
    (Unaudited)        
Net operating loss carryforwards (NOLs)   $ 6,234,000     $ 5,632,000  
Stock-based compensation expense     1,283,000       893,000  
Accrued expenses and unpaid expense payable     52,000       184,000  
Tax credit carryforwards     68,000       68,000  
Excess of tax amortization over book amortization     (629,000 )     (818,000 )
Others     357,000       131,000  
Gross     7,365,000       6,090,000  
Valuation allowance     (7,365,000 )     (6,090,000 )
Net   $ -     $ -