Schedule of Income Tax Provision (Benefit) |
The income tax provision
(benefit) for the years ended December 31, 2015 and 2014 consists of the following:
|
|
For The Years Ended
December 31,
|
|
|
|
2015 |
|
|
2014 |
|
Federal: |
|
|
|
|
|
|
|
|
Current |
|
$ |
|
|
|
$ |
|
|
Deferred |
|
|
(3,704,115 |
) |
|
|
(10,070,600 |
) |
State and local: |
|
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
|
Deferred |
|
|
1,496,815 |
|
|
|
(2,073,400 |
) |
|
|
|
(2,207,300 |
) |
|
|
(12,144,000 |
) |
Change in valuation allowance |
|
|
2,207,300 |
|
|
|
12,144,000 |
|
Income tax provision (benefit) |
|
$ |
|
|
|
$ |
|
|
|
Schedule of Deferred Tax Assets and Liabilities |
The tax effects
of temporary differences that give rise to deferred tax assets are presented below:
|
|
For The Years Ended
December 31,
|
|
|
|
2015 |
|
|
2014 |
|
Deferred Tax Assets: |
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
20,237,500 |
|
|
$ |
17,499,000 |
|
Stock-based compensation |
|
|
4,624,700 |
|
|
|
3,625,500 |
|
Provision for warrant liability |
|
|
|
|
|
|
606,800 |
|
Accruals |
|
|
1,581,900 |
|
|
|
2,397,300 |
|
Goodwill |
|
|
2,318,500 |
|
|
|
2,501,500 |
|
Intangible assets |
|
|
474,000 |
|
|
|
553,100 |
|
Allowance for doubtful accounts |
|
|
53,600 |
|
|
|
|
|
Tax credits |
|
|
448,300 |
|
|
|
409,000 |
|
Gross deferred tax assets |
|
|
29,738,500 |
|
|
|
27,592,200 |
|
Deferred Tax Liabilities: |
|
|
|
|
|
|
|
|
Fixed assets |
|
|
(772,300 |
) |
|
|
(833,300 |
) |
Gross deferred tax liabilities |
|
|
(772,300 |
) |
|
|
(833,300 |
) |
Net deferred tax assets |
|
|
28,966,200 |
|
|
|
26,758,900 |
|
Valuation allowance |
|
|
(28,966,200 |
) |
|
|
(26,758,900 |
) |
Deferred tax asset, net of valuation allowance |
|
$ |
|
|
|
$ |
|
|
Changes in valuation allowance |
|
$ |
2,207,300 |
|
|
$ |
12,144,000 |
|
|