General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Income Tax Benefits

The income tax benefits are as follows:

 

     Years ended December 31,  
         2014              2013      

Current

   $ 18       $ —     

Total income tax benefit

   $ 18       $ —     
Principal Differences Between Income Taxes Computed at U.S. Statutory Tax Rate and German Statutory Tax Rate and Respective Effective Tax Rate

The applicable U.S. statutory federal income tax rate was 34.00% for the year ended December 31, 2014. The applicable German statutory federal income tax rate was 29.13% for the year ended December 31, 2013 and December 31, 2014. The principal differences between income taxes computed at the U.S. statutory tax rate for the year ended December 31, 2014 and at the German statutory tax rate for the year ended December 31, 2013 and the respective effective tax rate are as follows:

 

     Years ended December 31,  
     2014      2013  

Income tax expense (benefit) at the statutory federal income tax rate

   $ (3,348,994    $ 19,280   

Decrease in allowances on deferred tax assets

   $ (4,811,972    $ (37,210

Differences local / Group tax rate

     420,337         —     

Nondeductible expenses

     438,797         17,930   

Correction of net operating loss carryforwards

     7,307,952         —     

Other

     (6,102      —     

Total income tax expense (benefit)

   $ 18       $ —     
Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities related to net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income taxes purposes were as follows:

 

     December 31,  
     2014      2013  

Deferred tax assets

     

Net operating loss carryforwards

   $ 9,951,666       $ 16,859,179   

Deferred revenue

     —           138,378   

Equity issuance cost

     —           102,935   

Bank loan

     12,653         23,014   

Intercompany Loan Australia

     1,129         —     
  

 

 

    

 

 

 

Total deferred tax assets

  9,965,448      17,123,506   
  

 

 

    

 

 

 

Valuation allowance

  9,916,553      17,053,767   
  

 

 

    

 

 

 

Net deferred tax assets

  48,895      69,739   

Deferred tax liabilities

Useful life adjustment fixed assets

  30,646      54,303   

Adjustment accruals

  8,811      15,436   

Prepaid expenses

  9,438      —     
  

 

 

    

 

 

 

Total deferred tax liabilities

  48,895      69,739   
  

 

 

    

 

 

 

Net deferred tax asset/(liability)

$ —      $ —