Income taxes (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Loss From Continuing Operations by Domestic and Foreign Jurisdictions |
The components of the loss from continuing operations before income taxes for the years ended December 31, 2018 and 2017 are as follows:
| |
|
For the years ended December 31,
|
|
| |
|
2018
|
|
|
2017
|
|
|
Domestic
|
|
$
|
(56,452,693
|
)
|
|
$
|
(17,682,428
|
)
|
|
Foreign
|
|
|
(4,554,967
|
)
|
|
|
(354,540
|
)
|
|
Loss from Continuing Operations before Income Taxes
|
|
$
|
(61,007,660
|
)
|
|
$
|
(18,036,968
|
)
|
|
| Schedule of Expected Tax Expense |
The components of income tax expense (benefit) are as follows:
|
|
|
As of December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Current:
|
|
|
|
|
|
|
|
US Federal
|
|
$
|
-
|
|
|
$
|
-
|
|
|
US State
|
|
|
-
|
|
|
|
-
|
|
|
Foreign
|
|
|
-
|
|
|
|
- |
|
|
Total current benefit
|
|
|
-
|
|
|
|
-
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
US Federal
|
|
|
495,221
|
|
|
|
1,312,704
|
|
|
US State
|
|
|
111,779
|
|
|
|
296,296
|
|
|
Foreign
|
|
|
92,000
|
|
|
|
-
|
|
|
Total deferred benefit
|
|
|
699,000
|
|
|
|
1,609,000
|
|
|
Total benefit for income taxes
|
|
$
|
699,000
|
|
|
$
|
1,609,000
|
|
|
| Schedule of Deferred Tax Assets and (Liabilities) |
The tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets and liabilities at December 31, 2018 and 2017 are comprised of the following:
|
|
|
As of December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Deferred income tax assets:
|
|
|
|
|
|
|
|
Net operating loss carryforwards
|
|
$
|
30,745,000
|
|
|
$
|
25,837,000
|
|
|
Research and development credit carryforwards
|
|
|
989,000
|
|
|
|
989,000
|
|
|
Stock option expense
|
|
|
1,384,000
|
|
|
|
252,000
|
|
|
Impairment of mining related assets and other
|
|
|
8,779,000
|
|
|
|
14,000
|
|
|
Total deferred tax assets
|
|
|
41,897,000
|
|
|
|
27,092,000
|
|
|
Valuation allowance
|
|
|
(41,897,000
|
)
|
|
|
(27,092,000
|
)
|
|
Net deferred tax assets
|
|
|
-
|
|
|
|
-
|
|
|
Deferred income tax liabilities:
|
|
|
|
|
|
|
|
|
|
Indefinite life intangible assets
|
|
|
(142,709
|
)
|
|
|
(699,000
|
)
|
|
Net deferred tax liabilities
|
|
$
|
(142,709
|
)
|
|
$
|
(699,000
|
)
|
|
| Schedule of Federal Statutory Rate Reconcilition Tax Expense (Benefit) |
The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:
|
|
|
For the years ended December 31,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
Statutory federal income tax expense (benefit)
|
|
$
|
(12,791,000
|
)
|
|
$
|
(7,307,000
|
)
|
|
State taxes, net of federal tax expense (benefit)
|
|
|
(2,887,000
|
)
|
|
|
(647,000
|
)
|
|
Federal tax rate change
|
|
|
-
|
|
|
|
13,617,000
|
|
|
Stock compensation and other non-deductible expenses
|
|
|
174,000
|
|
|
|
3,118,000
|
|
|
Change in valuation allowance
|
|
|
14,805,000
|
|
|
|
(10,390,000
|
)
|
|
Income taxes benefit
|
|
$
|
(699,000
|
)
|
|
$
|
(1,609,000
|
)
|
|