Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
United States and foreign components of income before income taxes were as follows:
 
 
 
For the Three Months Ended March 31,
 
 
 
2018
 
2017
 
United States
 
$
(2,059,485)
 
$
51,583
 
Foreign
 
 
547,253
 
 
531,597
 
(Loss) income before income taxes
 
$
(1,512,232)
 
$
583,180
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The tax effects of temporary differences that give rise to deferred tax assets or liabilities are presented below:
 
 
 
March 31,
 
December 31,
 
 
 
2018
 
2017
 
Deferred tax assets:
 
 
 
 
 
 
 
Net operating loss carryforwards
 
$
501,543
 
$
50,524
 
Less: valuation allowance
 
 
(501,543)
 
 
(50,524)
 
Net deferred tax assets
 
 
-
 
 
-
 
Deferred tax liabilities:
 
 
 
 
 
 
 
Property and equipment
 
 
34,209
 
 
34,209
 
Deferred tax liabilities
 
 
34,209
 
 
34,209
 
Net deferred tax liabilities
 
$
34,209
 
$
34,209
 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The income tax provision consists of the following:
 
 
 
For the Three Months Ended March 31,
 
 
 
2018
 
2017
 
Current:
 
 
 
 
 
 
 
Federal
 
$
18,741
 
$
-
 
Foreign
 
 
41,044
 
 
43,739
 
State and local
 
 
5,288
 
 
-
 
Income tax provision
 
$
65,073
 
$
43,739
 
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 a follows:
 
 
 
For the Three Months Ended March 31,
 
 
 
2018
 
2017
 
Tax at federal rate
 
 
21.0
%
 
34.0
%
U.S. income attributable to pass-through entity
 
 
0.0
%
 
-3.0
%
U.S. income subject to valuation allowance
 
 
-29.8
%
 
0.0
%
State and local income taxes
 
 
-0.3
%
 
0.0
%
Foreign income not subject to U.S. federal tax
 
 
7.6
%
 
-31.0
%
Foreign tax
 
 
-2.7
%
 
7.5
%
Effective income tax rate
 
 
-4.3
%
 
7.5
%