Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Taxes  
Schedule of differences between the carrying amount of assets and liabilities for financial reporting purposes and their respective income tax basis

 

 

 

 

 

 

 

 

December 31

    

 

2016

  

 

2015

  

 

 

 

 

 

 

 

 

Deferred tax assets:

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

38,299,400

 

$

33,424,100

 

Charitable contributions

 

 

500

 

 

500

 

Inventory reserves

 

 

361,300

 

 

267,700

 

Amortization

 

 

89,500

 

 

51,400

 

Allowance for doubtful accounts

 

 

102,300

 

 

72,300

 

Stock-based compensation

 

 

341,400

 

 

260,600

 

Total deferred tax assets

 

 

39,194,400

 

 

34,076,600

 

Deferred tax liabilities:

 

 

 

 

 

 

 

Depreciation

 

 

(83,300)

 

 

(62,400)

 

Net deferred tax assets

 

 

39,111,100

 

 

34,014,200

 

Valuation allowance

 

$

(39,111,100)

 

$

(34,014,200)