Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income Before Income Tax, Domestic and Foreign |
The breakout of the loss from continuing
operations before income taxes between domestic and foreign operations is below:
| |
|
2017 |
|
|
2016 |
|
| Income (Loss) from continuing operations before income taxes |
|
|
|
|
|
|
|
|
| United States |
|
$ |
(6,925,267 |
) |
|
$ |
(4,155,057 |
) |
| Foreign |
|
|
(885,397 |
) |
|
|
7,486 |
|
| |
|
$ |
(7,810,664 |
) |
|
$ |
(4,147,571 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The Income Tax (benefit) provision from
continuing operations consists of the following:
| Foreign |
|
|
|
|
|
|
| Current |
|
$ |
61,766 |
|
|
$ |
66,680 |
|
| Deferred |
|
|
265,809 |
|
|
|
55,670 |
|
| Change in Valuation Allowance |
|
|
(277,126 |
) |
|
|
(55,670 |
) |
| U.S. Federal |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
2,682,311 |
|
|
|
(1,614,833 |
) |
| Change in Valuation Allowance |
|
|
(3,362,028 |
) |
|
|
1,734,224 |
|
| State & Local |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
65,450 |
|
|
|
(167,597 |
) |
| Change in Valuation Allowance |
|
|
(80,611 |
) |
|
|
179,989 |
|
| |
|
$ |
(644,429 |
) |
|
$ |
198,463 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The (benefit) provision for income tax,
from continuing operations, using statutory U.S. federal tax rate of 34% is reconciled to the Company’s effective tax rate
as follows:
| |
|
2017 |
|
|
2016 |
|
| Computed “expected” income tax benefit |
|
$ |
(2,392,649 |
) |
|
$ |
(1,410,174 |
) |
| State income taxes, net of federal benefit |
|
|
(276,242 |
) |
|
|
(146,357 |
) |
| Noncontrolling interest |
|
|
140,879 |
|
|
|
- |
|
| Prior year true-ups other deferred tax balances |
|
|
- |
|
|
|
(337,713 |
) |
| Permanent Items |
|
|
4,025 |
|
|
|
27,219 |
|
| Federal expense of tax rate change |
|
|
4,836,697 |
|
|
|
- |
|
| Foreign Tax Expense |
|
|
61,766 |
|
|
|
66,680 |
|
| Other |
|
|
169,253 |
|
|
|
140,265 |
|
| Change in valuation allowance |
|
|
(3,188,148 |
) |
|
|
1,858,543 |
|
| |
|
$ |
(644,419 |
) |
|
$ |
198,463 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Major components of deferred tax assets
for continuing operations at December 31, 2017 and 2016 were:
| |
|
2017 |
|
|
2016 |
|
| Net operating loss carryforwards |
|
$ |
10,279,350 |
|
|
$ |
9,291,804 |
|
| Capital loss carryforwards |
|
|
50,226 |
|
|
|
152,772 |
|
| Section 1231 loss carryforwards |
|
|
78,176 |
|
|
|
111,506 |
|
| Charitable contribution carryforwards |
|
|
22,618 |
|
|
|
33,998 |
|
| Other |
|
|
10,154 |
|
|
|
260,086 |
|
| Restaurant startup costs |
|
|
- |
|
|
|
89,159 |
|
| Accrued Expenses |
|
|
68,477 |
|
|
|
686,321 |
|
| Deferred occupancy liabilities |
|
|
151,532 |
|
|
|
261,181 |
|
| Total deferred Tax Assets |
|
|
10,660,533 |
|
|
|
10,886,827 |
|
| |
|
|
|
|
|
|
|
|
| Property and equipment |
|
|
(72,553 |
) |
|
|
(765,187 |
) |
| Convertible debt |
|
|
- |
|
|
|
(17,611 |
) |
| Other Asset & Liability Impairment |
|
|
(62,008 |
) |
|
|
- |
|
| Investments |
|
|
(114,519 |
) |
|
|
(80,246 |
) |
| Intangibles and Goodwill |
|
|
(465,841 |
) |
|
|
(536,891 |
) |
| Total deferred tax liabilities |
|
|
(714,921 |
) |
|
|
(1,399,935 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred tax assets |
|
|
9,945,612 |
|
|
|
9,486,892 |
|
| Valuation Allowance |
|
|
(10,724,970 |
) |
|
|
(10,972,446 |
) |
| |
|
$ |
(779,359 |
) |
|
$ |
(1,485,554 |
) |
|