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INCOME TAXES (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Income Tax Disclosure [Abstract] |
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| Deferred Tax Valuation Allowance [Table Text Block] |
The activity in the deferred tax valuation allowance was as follows for the years ended December 31, 2014 and 2013: | | | 2014 | | 2013 | | | Beginning balance | | $ | 82,052 | | $ | - | | | Provision | | | 1,819,971 | | | 82,052 | | | Adjustments | | | - | | | - | | | Ending balance | | $ | 1,902,023 | | $ | 82,052 | |
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| Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
Income (loss) before tax for financial reporting purposes during the years ended December 31, 2014 and 2013 consisted of the following: | | | 2014 | | 2013 | | | United States | | $ | (5,029,199) | | $ | (926,698) | | | Foreign | | | 696,474 | | | 893,192 | | | | | $ | (4,332,725) | | $ | (33,506) | |
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| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
The provision for income taxes for the years ended December 31, 2014 and 2013 consisted of the following:
| | | 2014 | | 2013 | | | Current: | | | | | | | | | Federal | | $ | 7,310 | | $ | 18,739 | | | State | | | 12,006 | | | 9,722 | | | Foreign | | | 3,845 | | | 9,041 | | | | | | 23,161 | | | 37,502 | | | Deferred: | | | | | | | | | Federal | | | 153,364 | | | (70,814) | | | State | | | - | | | 177,802 | | | | | | 153,364 | | | 106,988 | | | Total income tax provision | | $ | 176,525 | | $ | 144,490 | |
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| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
The components of the Company’s deferred income taxes as of December 31, 2014 and 2013 are as follows: | | | 2014 | | 2013 | | | Deferred tax assets: | | | | | | | | | Allowance for doubtful accounts | | $ | 49,775 | | $ | 22,142 | | | Deferred revenue | | | 16,070 | | | 42,403 | | | Deferred rent | | | 3,781 | | | 3,105 | | | Property and intangible assets | | | 552,373 | | | 397,242 | | | State net operating loss ("NOL") carryforwards | | | 114,190 | | | 17,449 | | | Federal net operating loss ("NOL") carryforward | | | 1,242,278 | | | - | | | Cumulative translation adjustment | | | 78,768 | | | 115,124 | | | Other | | | 110,137 | | | - | | | Valuation allowance | | | (1,902,023) | | | (82,052) | | | Total deferred tax assets | | | 265,349 | | | 515,413 | | | Deferred tax liabilities: | | | | | | | | | Earnings and profits of the Pakistani subsidiary | | | (265,349) | | | (220,103) | | | Net deferred tax assets | | $ | - | | $ | 295,310 | |
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| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate of 34% for the years ended December 31, 2014 and 2013 is as follows:
| | | 2014 | | 2013 | | | Federal tax (benefit) | | $ | (1,473,127) | | $ | (11,392) | | | Increase (decrease) in income taxes resulting from: | | | | | | | | | State tax expense, net of federal benefit | | | (108,105) | | | 41,714 | | | Non-deductible items | | | 21,407 | | | 12,198 | | | Undistributed earnings from foreign subsidiaries | | | 3,845 | | | 5,967 | | | Deferred true-up | | | (87,500) | | | 12,210 | | | Valuation allowance | | | 1,819,971 | | | 82,052 | | | Other | | | 34 | | | 1,741 | | | Total provision | | $ | 176,525 | | $ | 144,490 | |
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