Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2017
Income Taxes [Abstract]  
Schedule of Income tax expense (benefit)

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
      2017     2016     2017     2016  
  Current:                        
  Federal   $ -     $ (249,000 )   $ 3,033     $ (816,000 )
  State     -       -       800       -  
  Foreign     4,453       -       6,056       -  
  Total   $ 4,453     $ (249,000 )   $ 9,889     $ (816,000 )
Schedule of reconciliation of the income tax at statutory tax rate
      Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
      2017     2016     2017     2016  
  Tax benefit at statutory rate   $ (472,974 )   $ (181,000 )   $ (1,541,054 )   $ (651,000 )
  Net operating loss carryforwards (NOLs)     385,320       -       1,255,500       (345,000 )
  Stock-based compensation expense     116,900       8,000       386,500       8,000  
  Amortization expense     4,500       (70,000 )     (8,400 )     (182,000 )
  Prepayment from related parties     -       -       -       383,000  
  Others     (29,293 )     (6,000 )     (82,657 )     (29,000 )
  Tax at effective tax rate   $ 4,453     $ (249,000 )   $ 9,889     $ (816,000 )
Schedule of deferred tax assets (liability)
      September 30, 2017     December 31, 2016  
  Net operating loss carryforwards (NOLs)   $ 2,079,000     $ 519,000  
  R&D expenses     359,000       63,000  
  Stock-based compensation expense     387,000       8,000  
  Excess of tax amortization over book amortization     (926,000 )     (230,000 )
  Others     233,000       35,000  
        2,132,000       395,000  
  Valuation allowance     (2,132,000 )     (395,000 )
  Net   $ -     $ -