INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income Tax Provision |
The components of the provision consist of the following for the years ended December 31, 2016 and 2015:
|
|
|
2016
|
|
|
2015
|
|
|
Current:
|
|
|
|
|
|
|
(restated)
|
|
|
Federal
|
|
$
|
680,882
|
|
|
$
|
165,530
|
|
|
State
|
|
|
20,561
|
|
|
|
3,711
|
|
|
Total current
|
|
|
701,443
|
|
|
|
169,241
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
71,657
|
|
|
|
25,657
|
|
|
State
|
|
|
(2,377
|
)
|
|
|
17
|
|
|
Change in valuation allowance
|
|
|
—
|
|
|
|
—
|
|
|
Total deferred
|
|
|
69,280
|
|
|
|
25,674
|
|
|
Income tax provision
|
|
$
|
770,723
|
|
|
$
|
194,915
|
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The income tax provision differs from that computed at the federal statutory corporate income tax rate as follows for the years ended December 31, 2016 and 2015:
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
(restated)
|
|
|
Tax provision computed at the federal statutory rate
|
|
$
|
877,282
|
|
|
$
|
238,581
|
|
|
State income tax, net of federal benefit
|
|
|
21,860
|
|
|
|
6,404
|
|
|
Permanent items
|
|
|
63,737
|
|
|
|
22,460
|
|
|
Credits
|
|
|
(58,159
|
)
|
|
|
(26,173
|
)
|
|
True ups and rounding
|
|
|
(115,397
|
)
|
|
|
(48,974
|
)
|
|
Change in valuation allowance
|
|
|
—
|
|
|
|
—
|
|
|
Uncertain tax positions
|
|
|
(18,600
|
)
|
|
|
2,617
|
|
|
Income tax provision
|
|
$
|
770,723
|
|
|
$
|
194,915
|
|
|
| Schedule of Deferred Tax Assets |
The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following at December 31, 2016 and 2015:
|
|
|
2016
|
|
|
2015
|
|
|
Deferred Tax Assets:
|
|
|
|
|
|
|
(restated)
|
|
|
Intangible assets
|
|
$
|
178,057
|
|
|
$
|
135,234
|
|
|
Research and development credits
|
|
|
—
|
|
|
|
115,086
|
|
|
Accruals and reserves
|
|
|
58,656
|
|
|
|
43,017
|
|
|
Credits from amended return
|
|
|
192,461
|
|
|
|
253,298
|
|
|
Other
|
|
|
122,744
|
|
|
|
77,813
|
|
|
Total deferred tax assets
|
|
|
551,918
|
|
|
|
624,448
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Tax Liabilities:
|
|
|
|
|
|
|
|
|
|
Basis difference in fixed assets
|
|
|
(184,861
|
)
|
|
|
(145,781
|
)
|
|
Foreign currency exchange gains
|
|
|
—
|
|
|
|
(42,329
|
)
|
|
Total deferred tax liabilities
|
|
|
(184,861
|
)
|
|
|
(188,110
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax assets
|
|
$
|
367,057
|
|
|
$
|
436,338
|
|
|
| Schedule of Gross Unrecognized Tax Benefits |
The aggregate changes in the balance of gross unrecognized tax benefits (included as part of accrued expenses in the accompanying financial statements), which excludes interest and penalties, are as follows as of and for the years ended December 31, 2016 and 2015:
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
(restated)
|
|
|
Beginning balance:
|
|
$
|
51,074
|
|
|
$
|
42,080
|
|
|
Increases related to tax positions taken during the current year
|
|
|
12,572
|
|
|
|
8,994
|
|
|
Decreases related to expiration of statute of limitations
|
|
|
(6,760
|
)
|
|
|
—
|
|
|
Ending Balance:
|
|
$
|
56,886
|
|
|
$
|
51,074
|
|
|