XML 47 R34.htm IDEA: XBRL DOCUMENT v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Components of income (loss) before income taxes and dividends on preferred stock

The components of income (loss) before income taxes and dividends on preferred stock for the years ended December 31, 2015 and 2014 were as follows:

 

 

2015

 

 

2014

 

 

(in thousands)

 

United States

$

(2,659)

 

 

$

(7,255)

 

Foreign

 

741

 

 

 

2,194

 

 

$

(1,918)

 

 

$

(5,061)

 

 

Components of provision (benefit) for income taxes by taxing authority

The components of the provision (benefit) for income taxes by taxing authority for the years ended December 31, 2015 and 2014 were as follows:

 

 

2015

 

 

2014

 

 

(in thousands)

 

Current provision:

 

 

 

 

 

 

 

Federal

$

443

 

 

$

-

 

Foreign

 

131

 

 

 

-

 

States

 

-

 

 

 

-

 

Total current provision

 

574

 

 

 

-

 

Deferred provision (benefit):

 

 

 

 

 

 

 

Federal

 

(114)

 

 

 

(309)

 

Foreign

 

-

 

 

 

-

 

States

 

(32)

 

 

 

(25)

 

Total deferred provision (benefit):

 

(146)

 

 

 

(334)

 

 

$

428

 

 

$

(334)

 

 

Components of deferred federal income taxes

Significant components of the Company’s deferred federal income taxes were as follows:

 

 

December 31,

 

 

December 31,

 

 

2015

 

 

2014

 

 

Non-Current

 

Deferred tax assets:

 

 

 

 

 

 

 

Accrued liabilities

$

22

 

 

$

161

 

Deferred compensation

 

936

 

 

 

726

 

Allowance for doubtful accounts

 

73

 

 

 

111

 

Inventory

 

73

 

 

 

122

 

Net operating loss

 

4,137

 

 

 

3,848

 

Property and equipment

 

123

 

 

 

66

 

Foreign tax credit carry forward

 

3,226

 

 

 

2,811

 

Deferred tax assets

 

8,590

 

 

 

7,845

 

Deferred tax liabilities:

 

 

 

 

 

 

 

Valuation allowance

 

(8,590

)

 

 

(7,845

)

Equity in foreign investments

 

(2,755

)

 

 

(2,523

)

Intangible assets

 

-

 

 

 

-

 

Translation gain

 

(309

)

 

 

(523

)

Deferred tax liabilities

 

(11,654

)

 

 

(10,891

)

Net deferred tax assets (liabilities)

 

(3,064

)

 

 

(3,046

)

 

 

Summary of difference between effective income tax rate determined by applying statutory income tax rate

The difference between the effective income tax rate reflected in the provision for income taxes and the amounts, which would be determined by applying the statutory income tax rate of 34%, is summarized as follows:

 

 

2015

 

 

2014

 

 

(in thousands)

 

(Provision for) benefit from U.S federal statutory rate

$

663

 

 

$

1,611

 

Effect of state income taxes

 

32

 

 

 

35

 

Non-deductible business meals and entertainment expenses

 

(16)

 

 

 

(486)

 

Foreign income taxes included in equity in earnings

 

269

 

 

 

1,400

 

Accrual to return adjustments and other

 

(580)

 

 

 

(12)

 

Change in valuation allowance

 

(796)

 

 

 

(2,214)

 

Total (Expense)

$

(428)

 

 

$

334