Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
United States and foreign components of (loss) income before income taxes were as follows:
 
 
 
For the Three Months

Ended June 30,
 
 
For the Six Months

Ended
June 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
United States
 
$
(1,308,118
)
 
$
(63,474
)
 
$
(3,367,603
)
 
$
(11,891
)
Foreign
 
 
660,757
 
 
 
684,732
 
 
 
1,208,010
 
 
 
1,216,329
 
(Loss) income before income taxes
 
$
(647,361
)
 
$
621,258
 
 
$
(2,159,593
)
 
$
1,204,438
 
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:
 
 
 
June 30,
 
 
December 
31,
 
 
 
2018
 
 
2017
 
Deferred tax assets:
 
 
 
 
 
 
 
 
Net operating loss carryforwards
 
$
796,320
 
 
$
50,524
 
Less: valuation allowance
 
 
(796,320
)
 
 
(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 June 30,
 
 
For the Six Months

Ended 
June 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
Current:
 
 
 
 
 
 
 
 
 
 
 
 
Federal
 
$
20,053
 
 
$
-
 
 
$
38,794
 
 
$
-
 
Foreign
 
 
49,557
 
 
 
47,486
 
 
 
90,601
 
 
 
91,225
 
State and local
 
 
9,690
 
 
 
-
 
 
 
14,978
 
 
 
-
 
Income tax provision
 
$
79,300
 
 
$
47,486
 
 
$
144,373
 
 
$
91,225
 
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 Six Months
Ended 
June 30,
 
 
 
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
 
 
-34.7
%
 
 
0.0
%
State and local income taxes
 
 
-0.5
%
 
 
0.0
%
Foreign income not subject to U.S. federal tax
 
 
11.7
%
 
 
-31.0
%
Foreign tax
 
 
-4.2
%
 
 
7.5
%
Effective income tax rate
 
 
-6.7
%
 
 
7.5
%