| Schedule of Components of Income Tax Expense (Benefit) |
The components of income tax expense (benefit) attributable to the Company for the three months ended March 31, 2017 and 2016, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2017 |
|
2016 |
U.S. deferred income tax benefit |
|
$ |
(3,685,381 |
) |
|
$ |
— |
|
Foreign current income tax expense |
|
585,467 |
|
|
894,360 |
|
Foreign deferred income tax benefit |
|
(6,151 |
) |
|
— |
|
Total |
|
$ |
(3,106,065 |
) |
|
$ |
894,360 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the statutory federal income tax amount to the recorded expense is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2017 |
|
2016 |
Loss before income taxes |
|
$ |
(8,087,344 |
) |
|
$ |
(22,470,609 |
) |
Statutory income tax rate |
|
35 |
% |
|
35 |
% |
Expected income tax benefit |
|
(2,830,570 |
) |
|
(7,864,713 |
) |
Non-taxable entity |
|
15,667 |
|
|
9,042,878 |
|
Other permanent differences |
|
14,063 |
|
|
6,793 |
|
State tax benefit |
|
(452,372 |
) |
|
(2,055 |
) |
Foreign tax credit |
|
(698,289 |
) |
|
— |
|
Foreign earnings not in book income |
|
1,046,248 |
|
|
— |
|
Foreign income tax rate differential |
|
(174,511 |
) |
|
(270,813 |
) |
Other |
|
(26,301 |
) |
|
(17,730 |
) |
Total |
|
$ |
(3,106,065 |
) |
|
$ |
894,360 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities attributable to the Company consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2017 |
|
2016 |
Deferred tax assets: |
|
|
|
|
Allowance for doubtful accounts |
|
$ |
1,891,392 |
|
|
$ |
1,892,761 |
|
Net operating loss carryforward |
|
2,280,696 |
|
|
— |
|
Deferred stock compensation |
|
1,697,536 |
|
|
1,686,671 |
|
Accrued liabilities |
|
601,449 |
|
|
746,132 |
|
Other |
|
1,765,362 |
|
|
1,785,999 |
|
Deferred tax assets |
|
8,236,435 |
|
|
6,111,563 |
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Property and equipment |
|
$ |
(40,901,822 |
) |
|
$ |
(42,525,793 |
) |
Intangible assets |
|
(6,890,355 |
) |
|
(7,662,590 |
) |
Unrepatriated foreign earnings |
|
(4,244,437 |
) |
|
(3,451,110 |
) |
Other |
|
(80,833 |
) |
|
(142,859 |
) |
Deferred tax liabilities |
|
(52,117,447 |
) |
|
(53,782,352 |
) |
Net deferred tax liability |
|
$ |
(43,881,012 |
) |
|
$ |
(47,670,789 |
) |
|
|
|
|
|
Reflected in accompanying balance sheet as: |
|
|
|
|
Deferred income taxes |
|
$ |
(43,881,012 |
) |
|
$ |
(47,670,789 |
) |
|