XML 44 R32.htm IDEA: XBRL DOCUMENT v3.4.0.3
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Line Items]  
Schedule of Deferred Tax Assets and Liabilities

Temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and tax credit and operating loss carryforward that create deferred tax assets and liabilities are as follows:

 

    2015     2014  
Tax Operating Loss Carryforward - USA   $ 10,000,000     $ 8,877,000  
Other     -       31,700  
Valuation Allowance - USA     (10,000,000 )     (8,908,700 )
    $ -     $ -  

Summary of Operating Loss Carryforwards

The following table accounts for federal net operating loss carryforwards only.

 

Year Ending   Net Operating     Year of  
December 31,   Loss:     Expiration  
             
2015   $ 3,400,000       2035  
2014     5,230,000       2034  
2013     5,600,000       2033  
2012     2,850,000       2032  
2011     2,427,000       2031  
2010     1,799,000       2030  
2009     1,750,000       2029  
2008     1,308,000       2028  
2007     429,000       2027  
2006     476,000       2026  
2005     414,000       2025  

Schedule of Effective Income Tax Rate Reconciliation

 

    2015     2014  
             
Tax Benefit of 34%   $ (1,321,000 )   $ (1,903,000 )
Increase (Decrease) in Income Taxes Resulting from:                
                 
State Income Tax Benefit, Net of Federal Tax     (159,000 )     (250,000 )
Nondeductible Expenses     511,712       365,709  
Valuation Allowance     968,288       1,787,291  
                 
Total   $ -     $ -  

Taiwan [Member]  
Income Tax Disclosure [Line Items]  
Schedule of Temporary Difference Between Financial Statement and Tax Basis

Temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and VAT tax reporting system and operating loss carry forwards that create deferred tax assets and liabilities are as follows:

 

    December 31, 2015  
    US Dollar  
Tax Operating Income - Taiwan   $ 327  
Temporary Difference:   $ -  
VAT reporting system - Sales cut-off   $ (199,028 )
VAT reporting system - Cost & expenses cut-off   $ 312,583  
Provision of Bad Debt   $ (82,801 )
Research & Development   $ -  
Permanent Difference:   $ -  
Other   $ 163,433  
         
Adjusted Net Loss Before Tax - Taiwan   $ 194,514  

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefits) for the years ended December 31, 2015 and 2014 is summarized as follows:

 

    2015     2014  
Current:                
Provision for Federal Income Tax 34%   $ -     $ -  
Provision for TCIT (17%)     -       -  
Provision for Undistributed Earnings Tax (10%)     -       -  
Increase (Decrease) in Income Taxes Resulting from:                
Pre-acquisition TCIT     -       -  
Temporary Difference     42,184       (38,322 )
                 
Income Tax Expenses (Benefit)   $ 42,184     $ (38,322 )

Schedule of Reconciliation of Deferred Tax Asset/Liabilities

 

    2015  
Deferred Tax Assets      
Balance at Beginning of Year   $ 151,355  
Temporary Difference     (42,184 )
Foreign currency difference     36,420  
Balance at End of Year   $ 145,591