Annual report pursuant to section 13 and 15(d)

INCOME TAX (Tables)

v2.4.0.8
INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision Benefit
  2013   2012
Current:              
   Federal $ 14,491     $ (51,655 )
   State   20,164       —    
Total current $ 34,655     $ (51,655 )
               
Deferred:              
   Federal   (129,228 )     (290,168 )
   State   (8,117 )     —    
   Change in valuation allowance   172,457       —    
Total deferred $ 35,112     $ (290,168 )
Provision (benefit) for income taxes $ 69,767     $ (341,823 )
Schedule of Effective Income Tax Rate Reconciliation
  2013   2012
   Tax (provision) benefit computed at the federal statutory rate $ 215,249     $ 97,966  
   State income tax (provision), net of federal benefit   18,600       —    
   Research and development tax credits   (166,522 )     11,639  
   Other   (170,017 )     (109,605 )
   Change in valuation allowance   172,457       (341,823 )
          Income tax provision (benefit) $ 69,767     $ (341,823 )
Schedule of Deferred Tax Assets
  2013   2012
Deferred tax assets:              
   Fixed assets $ (47,278 )   $ 37,515  
   Intangible assets   202,737       (35,651 )
   Research and development tax credits   111,150       31,802  
   Foreign tax credits   221,443       48,986  
   Inventories   11,887       11,513  
   Bad debt reserve   13,287       —    
   Accrued expenses   14,894       —    
   Unrealized foreign currency translation   157,077       —    
   Accounts receivable   —         15,478  
   Net operating losses   —         255,982  
   Employee benefits   —         17,832  
   Share based compensation   —         6,616  
   Other   34       736  
Total gross deferred tax assets   685,231       390,809  
Less: valuation allowance   (221,443 )     (48,986 )
Net deferred tax assets $ 463,788     $ 341,823