Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes [Abstract]  
Schedule of Net Deferred Tax Assets and Liabilities

The Company has the following net deferred tax assets and liabilities at December 31, 2014 and 2013:

 

December31,

2014

 

2013

 

Current deferred tax assets:

         

Accrued expenses

$ 58,200     $ -  

Current deferred tax asset

    58,200       -  
                 

Non-current deferred tax assets and liabilities:

               

Goodwill and intangible assets

  $ (5,932,461 )   $ (120,223 )

Developed technology

    (126,516 )     (199,840 )

Derivative liability

    (124,773 )     (133,959 )

Property and equipment

    (160,361 )     (14,544 )

Other deferred tax assets

    1,135       617  

Stock based compensation

    219,293       -  

Net operating loss

    3,042,072       848,781  

Non-current deferred tax asset (liability)

    (3,081,611 )     380,832  
                 

Net deferred tax asset (liability)

  $ (3,023,411 )   $ 380,832  
Schedule of Benefits for Income Taxes

The benefit for income taxes for the years ended December 31, 2014 and 2103 consists of the following:

 

Year Ended December31,

2014

 

2013

 

Federal:

         

Current provision

$ -     $ -  

Deferred benefit

    2,641,731       319,114  
      2,641,731       319,144  
                 

State:

               

Current provision

  $ -     $ -  

Deferred benefit

    420,377       61,718  
      420,377       61,718  
                 

Income tax benefit

  $ 3,062,108     $ 380,832  
Reconciliation of Statutory Federal Income Tax Rate

A reconciliation of the statutory federal income tax rate to the Company's effective tax rate is as follows:

 

December31,

 

2014

   

2013

 

Expected federal statutory rate

34.00 %     34.00 %

State income taxes, net of federal benefit

4.80 %     6.58 %

Effect of tax rate changes

3.81 % 0.00 %

Gain on bargain purchase option

2.50 % 0.00 %

Tax exempt interest income

    0.92 %     0.32 %

Meals and entertainment

    -0.17 %     -0.38 %

Dividends received deduction

    0.00 %     0.12 %

Deferred

    0.00 %     -20.95 %

Other

    0.06 %     1.26 %
      45.92 %     20.95 %