Annual report pursuant to Section 13 and 15(d)

Note 20 - Income Taxes (Tables)

v3.5.0.2
Note 20 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] The provision for income taxes includes the following:

 
 
December 31, 2015
(Audited)
   
December 31, 2014
(Audited)
 
Current:
           
Federal
 
$
(7,654
)
 
$
-
 
State
   
-
     
-
 
 
               
Total Current Provision
   
(7,654
)
   
-
 
 
               
Deferred:
               
Federal
 
$
(415,969
)
 
$
(136,111
)
State
   
(43,543
)
   
(25,144
)
 
               
Total deferred
   
(459,512
)
   
(161,255
)
 
               
Income tax benefit
 
$
451,858
   
$
161,255
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] The effects of temporary differences and tax loss carryforwards that give rise to significant portions of federal deferred tax assets and deferred tax liabilities are presented below for the periods indicated:

 
 
December 31, 2015
(Audited)
   
December 31, 2014
(Audited)
 
 
           
Deferred tax assets:
           
 
           
Net operating loss carry-forwards
 
$
2,680,597
   
$
53,692
 
                 
Accrued compensated absences
   
-
     
60,164
 
Charitable contributions
   
2,451
     
-
 
Acquisition costs
   
76,705
     
-
 
Deferred revenues
   
-
     
26,294
 
Share based compensation
   
555,504
     
-
 
Deferred rent
   
27,066
     
21,302
 
 
               
Net deferred tax assets
   
3,342,323
     
161,452
 
 
               
Valuation allowance
   
(2,570,190
)
   
-
 
 
               
Deferred tax liabilities:
               
 
               
Property and equipment
   
-
     
(197
)
Prepaid expenses
   
(135,003
)
       
Depreciation and amortization
   
(637,130
)
   
-
 
Total deferred tax liabilities
   
(772,133
)
   
(197
)
 
               
Net deferred tax assets
 
$
-
   
$
161,255
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] The difference between the total income taxes computed at the federal statutory rate and the benefit rom income taxes consists of the following for the periods indicated:

 
 
December 31, 2015
(Audited)
   
December 31, 2014
(Audited)
 
 
           
Federal statutory rate
   
34.00
%
   
34.00
%
 
               
State taxes net of federal benefit
   
2.21
%
   
5.16
%
 
               
Changes in valuation allowance
   
(14.63
)%
   
-
%
                 
Changes in tax filing status
   
-
%
   
8.99
%
 
               
Non-deductible expenses
   
(18.75
)%
   
3.99
%
 
               
Other
   
(0.26
)%
   
-
%
 
               
Income tax benefit – Federal
   
2.57
%
   
52.14
%