INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

	For the Year Ended  December 31,
	2015			2014
Current
Federal	$	-		$	-
State and Local		1,547			-
		1,547			-
Deferred:
Federal		(8,221,642	)		(4,337,272	)
State and local		(418,849	)		(463,060	)
		(8,640,491	)		(4,800,332	)
Change in valuation allowance		8,638,944			5,567,665
Income tax provision	$	-		$	767,333

 

Schedule of Effective Income Tax Rate Reconciliation

	For the Year Ended  December 31,
	2015			2014
U.S. federal statutory rate		(34.00%)			(34.00%)
State and local taxes, net of federal benefit		(17.11%)			(2.98%)
Stock issuance costs and waiver compensation		157.21%			-
Change in fair value of derivatives		(797.18%)			-
Impairment of goodwill and intangibles		272.93%			-
Other permanent differences		3.98%			0.29%
Change in tax rate		26.02%			-
True-up		6.11%			-
Vaporin deferred tax assets		(214.17%)			-
Intangible assets		41.28%			-
Stock compensation		11.74%			-
Other		(4.55%	)		-
Change in valuation allowance		479.74%			42.55%
Income tax benefit		0.00%			5.86%

Schedule of Deferred Tax Assets and Liabilities

		For the Year Ended  December 31,
		2015			2014
Deferred Tax Assets
Net operating loss carryforward	$		13,545,635		$	4,556,515
Stock based compensation			149,794			507,864
Alternative minimum tax credit carry forward			15,336			15,336
Reserves and allowances			28,241			263,609
Inventory			94,542			269,865
Accrued expenses and deferred income			771,803			53,442
Severance			-			27,555
Charitable contributions			1,409			1,260
Net book value of fixed assets			5,533			-
Total current deferred tax assets			14,612,293			5,695,446
Deferred Tax Liabilities
Net book value of intangible assets			(272,258	)		-
Goodwill			(5,645	)		-
Total deferred tax liabilities			(277,903	)		-
Net deferred tax assets			14,334,390			5,695,446
Valuation allowance			(14,334,390	)		(5,695,446	)
Net deferred tax asset		$	-		$	-