Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
 
 
 
For the Years

Ended December 31,
 
 
 
2018
 
 
2017
 
United States
 
 
(5,828,261
)
 
 
49,097
 
Foreign
 
 
788,159
 
 
 
 
1,617,439
 
Income before income taxes     
 
$
(5,040,102
)
 
$
1,666,536
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
 
 
 
For the Years

Ended December 31,
 
 
 
2018
 
 
2017
 
Deferred tax assets:     
 
 
 
 
 
 
 
 
Stock-based compensation
 
$
682,115
 
 
$
-
 
Goodwill and intangible assets
 
 
19,410
 
 
 
-
 
Net operating loss carryforwards     
 
 
493,063
 
 
 
50,524
 
Less: valuation allowance     
 
 
(1,194,587
)
 
 
(50,524
)
Net deferred tax assets     
 
$
-
 
 
$
-
 
 
 
 
 
 
 
 
 
 
Deferred tax liabilities:     
 
 
 
 
 
 
 
 
Property and equipment     
 
$
341
 
 
$
34,209
 
Net deferred tax liabilities     
 
$
341
 
 
$
34,209
 
Net deferred tax liabilities     
 
$
341
 
 
$
34,209
 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The income tax provision (benefit) consists of the following:
 
 
 
For the Years

Ended December 31,
 
 
 
2018
 
 
2017
 
Current:   
 
 
 
 
 
 
 
 
Federal   
 
$
10,185
 
 
$
27,513
 
Foreign   
 
 
292,491
 
 
 
71,125
 
State and local   
 
 
35,107
 
 
 
6,069
 
Total current   
 
$
337,783
 
 
$
104,707
 
 
 
 
 
 
 
 
 
 
Deferred:   
 
 
 
 
 
 
 
 
Federal   
 
$
(21,450
)
 
$
23,249
 
Foreign   
 
 
(2,316
)
 
 
(3,153
)
State and local
 
 
(10,102
)
 
 
8,302
 
Total deferred   
 
$
(33,868
)
 
$
28,398
 
Income tax provision (benefit)   
 
$
303,915
 
 
$
133,105
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
 
 
 
For the Years

Ended December 31,
 
 
 
2018
 
 
2017
 
Tax at federal statutory rate   
 
 
21.0
%
 
 
34.0
%
Effect of U.S. tax law change   
 
 
0.0
%
 
 
-0.9
%
U.S. income attributable to pass-through entity   
 
 
0.0
%
 
 
-4.4
%
U.S. income subject to valuation allowance   
 
 
-20.5
%
 
 
4.9
%
State and local income taxes   
 
 
0.0
%
 
 
0.9
%
Foreign income not subject to U.S. federal tax   
 
 
0.0
%
 
 
-33.0
%
Foreign tax
 
 
-6.3
%
 
 
4.1
%
Other   
 
 
-0.2
%
 
 
2.4
%
 Effective income tax rate   
 
 
-6.0
%
 
 
8.0
%