Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
The components of Loss before benefit from income taxes for the years ended December 31, 2017 and 2016 are as follows:
 
 
 
Years ended December 31,
 
 
 
2017
 
2016
 
Domestic
 
$
(11,290,457)
 
$
(4,915,041)
 
Foreign
 
 
—
 
 
—
 
Loss before benefit from income taxes
 
$
(11,290,457)
 
$
(4,915,041)
 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The Company incurred income tax expense of $688,073 and income tax benefit $755,647 for the years ended December 31, 2017 and 2016, respectively. The income tax expense (benefit) for the year ended December 31, 2017 and 2016 includes the following:
 
 
 
Year Ended December 31,
 
 
 
2017
 
2016
 
Current income tax expense:
 
 
 
 
 
 
 
U.S. Federal
 
$
—
 
$
—
 
U.S. State
 
 
7,696
 
 
—
 
Total current
 
 
7,696
 
 
—
 
 
 
 
 
 
 
 
 
Deferred:
 
 
 
 
 
 
 
U.S. Federal
 
 
617,310
 
 
(647,889)
 
U.S. State
 
 
63,100
 
 
(107,758)
 
Total deferred
 
 
680,410
 
 
(755,647)
 
 
 
 
 
 
 
 
 
Total expense (benefit) from income taxes
 
$
688,106
 
$
(755,647)
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The income tax expense (benefit) differs from those computed using the statutory federal tax rate of 34% due to the following:
 
 
 
Year Ended December 31,
 
 
 
2017
 
2016
 
Expected provision at statutory federal rate
 
$
(3,838,755)
 
$
(1,671,113)
 
State tax-net of federal benefit
 
 
70,763
 
 
(71,120)
 
Change in valuation allowance
 
 
2,161,264
 
 
915,172
 
IPO related costs
 
 
—
 
 
54,313
 
Rate change
 
 
1,434,079
 
 
—
 
Goodwill impairment
 
 
751,433
 
 
—
 
Other
 
 
109,290
 
 
17,101
 
 
 
$
688,074
 
$
(755,647)
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The effect of temporary differences that gave rise to significant portions of deferred tax assets as of December 31, 2017 and 2016, are as follows:
 
 
 
Year Ended December 31,
 
 
 
2017
 
2016
 
Deferred tax assets:
 
 
 
 
 
 
 
Net operating loss carryforwards
 
$
2,145,809
 
$
456,551
 
Accruals
 
 
—
 
 
16,587
 
Share based compensation
 
 
272,645
 
 
19,913
 
Start-up costs
 
 
248,348
 
 
382,648
 
Fixed assets
 
 
8,206
 
 
—
 
Intangibles
 
 
370,681
 
 
—
 
Other
 
 
32
 
 
51
 
Gross deferred tax assets
 
 
3,045,721
 
 
875,750
 
Valuation allowance
 
 
(3,045,721)
 
 
(175,644)
 
Net deferred tax assets
 
 
—
 
 
700,106
 
Fixed assets
 
 
—
 
 
(9,352)
 
Intangibles
 
 
—
 
 
(690,754)
 
Other
 
 
(23,942)
 
 
—
 
Deferred tax liability
 
 
(23,942)
 
 
(700,106)
 
Net deferred tax liability
 
$
(23,942)
 
$
—