INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2018

Income Tax Disclosure [Abstract]

Income from Continuing Operations Before Income Taxes

Income (loss) from continuing operations before income taxes was allocated between the U.S. and foreign components for the three and nine months ended September 30, 2018 and 2017:

	For the three months ended September 30,						For the nine months ended September 30,
	2018			2017			2018			2017
United States	$	(214,312	)	$	(236,952	)	$	(1,167,190	)	$	(953,598	)
Foreign		17,949,121			38,965,061			54,951,370			22,224,744
	$	17,734,809		$	38,728,109		$	53,784,180		$	21,271,146

Components of Income Tax Provision

Significant components of the income tax provision (benefit) were as follows for the three and nine months ended September 30, 2018 and 2017: 

	For the three months ended September 30,				For the nine months ended September 30,
	2018		2017		2018		2017
Current tax provision
Federal	$	-	$	-	$	-	$	-
State		-		-		-		-
Foreign		1,787,717		7,778,520		9,214,312		12,996,602
	$	1,787,717	$	7,778,520	$	9,214,312	$	12,996,602
Deferred tax provision (benefit)
Federal	$	-	$	-	$	-	$	-
State		-		-		-		-
Foreign		2,699,588		1,962,539		4,523,643		(7,440,305	)
		2,699,588		1,962,539		4,523,643		(7,440,305	)
Income tax provision (benefit)	$	4,487,305	$	9,741,059	$	13,737,955	$	5,556,297

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and deferred tax liabilities as of September 30, 2018 and December 31, 2017 consist of the following:

	As of September 30, 2018			As of December 31, 2017
Deferred tax assets:
Accrued interest	$	1,609,466		$	1,824,171
Inventory Valuation		-			4,545,708
Accrued expenses		-			330,663
Deferred financing costs on the loans		2,609,240			741,008
Unrealized loss due to change in fair value of investments in gold		19,242,937			-
Other temporary differences		-			56,062
Net operating losses from parent company		4,044,690			6,151,702
Valuation allowance		(4,044,690	)		(6,151,702	)
		23,461,643			7,497,612
Deferred tax liabilities:
Inventory Valuation	$	(840,680	)	$	-
Accrued expenses		(514,296	)		-
Other temporary differences		(52,324	)		-
Unrealized gain due to change in fair value of investments in gold		-			(819,937	)
Deferred tax assets - Net	$	22,054,343		$	6,677,675