Annual report pursuant to Section 13 and 15(d)

PROVISION FOR INCOME TAXES (Tables)

v3.8.0.1
PROVISION FOR INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The table below outlines the components of income tax expense (benefit):
 
 
For the Year Ended December 31, 2017
 
For the Nine-Month Transition Period Ended December 31, 2016
Current
 
 
 
 
Federal
 
$
2,482,978

 
$
(31,983
)
State
 
130,683

 
(1,683
)
Foreign
 
86,872

 
21,303

Total Current
 
2,700,533

 
(12,363
)
Deferred
 
 
 
 
Federal
 
(55,563
)
 
(203,652
)
State
 
(2,924
)
 
(10,718
)
Effect of tax rate change
 
31,648

 

Total Deferred
 
(26,839
)
 
(214,370
)
Total Provision for (Benefit from) Income Taxes
 
$
2,673,694

 
$
(226,733
)
Schedule of Effective Income Tax Rate Reconciliation
The table below reconciles our effective tax rate to the statutory tax rate:
 
 
For the Year Ended December 31, 2017
 
For the Nine-Month Transition Period Ended December 31, 2016
Federal Statutory Tax Rate
 
34.0
 %
 
34.0
 %
State Statutory Tax Rate, Net of Federal Effect
 
3.3
 %
 
3.3
 %
Meals & Entertainment
 
1.0
 %
 
(5.2
)%
Gain/loss on Sale of PPE
 
 %
 
(5.9
)%
Goodwill
 
(2.0
)%
 
22.0
 %
Tax Exempt Interest
 
(10.0
)%
 
20.7
 %
Ending Balance True Up
 
 %
 
28.0
 %
Tax Overpayment
 
 %
 
38.3
 %
Other
 
11.2
 %
 
17.3
 %
Effective Tax Rate
 
37.5
 %
 
152.5
 %
Schedule of Deferred Tax Assets and Liabilities
The table below shows the components of deferred taxes:
 
 
As of
 
 
December 31, 2017
 
December 31, 2016
Stock Compensation
 
$
238,412

 
$
277,296

Bad Debt
 
25,523

 
46,790

Inventory reserve
 
50,234

 
53,121

Unrealized loss on investments
 
31,632

 
66,844

Deferred tax asset
 
$
345,801

 
$
444,051

 
 
 
 
 
Depreciation
 
$
271,871

 
$
367,490

Amortization
 
1,113

 
15,621

Goodwill
 

 

Deferred tax liability
 
$
272,984

 
$
383,111

 
 
 
 
 
Net Deferred Tax Asset
 
$
72,817

 
$
60,940