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 provision for income taxes

The provision for income taxes consists of the following: 

 

      Year ended
December 31, 2018
    Year ended
December 31, 2017
 
                   
Current                  
Federal     $     $  
State              
Foreign              
      $     $  
                   
Deferred                  
Federal     $     $  
State              
Foreign              
      $     $  
Schedule of statutory income tax

A reconciliation of the U.S. Federal statutory income tax to the effective income tax is as follows: 

 

    Year ended
December 31 , 2018
    Year ended
December 31, 2017
 
             
Tax expense at the federal statutory rate   $ (1,141,370 )   $ (1,611,075 )
State tax expense, net of federal tax effect            
Effect of foreign operations     (27,713 )     20,860  
Effect of income tax rate change           547,371  
Permanent timing differences     (147,563 )     98,885  
Temporary timing differences     8,271        
      (1,252,950 )     (943,959 )
Deferred income tax asset valuation allowance     1,252,950       943,959  
    $     $  
Schedule of deferred income tax assets

Significant components of the Company’s deferred income tax assets are as follows:

  

    December 31 , 2018     December 31, 
2017
 
Depreciation and amortization   $ 12,618     $ (46,332 )
Other     (15,412 )     53,105  
Net operating losses     3,750,027       172,940  
Valuation allowance     (3,747,233 )     (179,713 )
Net deferred income tax assets   $     $