Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.1.9
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2014
INCOME TAXES  
Schedule of income taxes by jurisdiction

 

 

 

Resonant LLC
From the
period January
1, 2013 to June
16, 2013

 

Resonant Inc.
From the period
June 17, 2013 to
December 31, 2013

 

Resonant Inc.
For the Year
ended December
31, 2014

 

U.S. federal

 

 

 

 

 

 

 

Current

 

$

 

$

 

$

 

Deferred

 

 

 

 

Total U.S. federal

 

 

 

 

U.S. state and local

 

 

 

 

 

 

 

Current

 

800 

 

1,256 

 

1,256 

 

Deferred

 

 

 

 

Total U.S. state and local

 

800 

 

1,256 

 

1,256 

 

Total income taxes

 

$

800 

 

$

1,256 

 

$

1,256 

 

 

Schedule of income taxes differ from the amounts computed by applying the U.S. federal income tax rate to pretax income (loss) before income taxes

 

 

 

Resonant LLC
From the
period January
1, 2013 to June
16, 2013

 

Resonant Inc.
From the
period June 17,
2013 to
December 31,
2013

 

Resonant Inc.
For the Year
ended December
31, 2014

 

Expected income tax expense

 

$

 

$

(2,929,037

)

$

(3,308,184

)

State income tax (benefit), net of federal benefit

 

800

 

557

 

829

 

Valuation Allowance

 

 

2,693,235

 

2,868,159

 

Permanent Differences:

 

 

 

 

 

 

 

Change in Fair Market Value — Financing Warrant Expenses

 

 

431,771

 

129,992

 

Other

 

 

1,437

 

146,715

 

Interest Expenses — Disqualified Debt

 

 

25,074

 

514,466

 

Research & Development Credit

 

 

(34,178

)

(168,576

)

Adjustment to Deferred Taxes

 

 

 

(182,145

)

Change of tax stats

 

 

(187,603

)

 

Total provision for income taxes

 

$

800

 

$

1,256

 

$

1,256

 

 

Schedule of components of deferred income tax

 

 

 

Resonant Inc.

 

 

 

From the
period June 17,
2013 to
December 31,
2013

 

For the Year
ended December
31, 2014

 

Deferred tax assets—current:

 

 

 

 

 

Accrued Expenses

 

$

64,220

 

$

2,719

 

Accrued Payroll

 

 

6,517

 

Deferred Rent

 

1,543

 

35,933

 

Less: Valuation Allowance

 

(65,763

)

(45,169

)

Total current assets

 

 

 

Deferred tax assets—long term:

 

 

 

 

 

Fixed assets

 

45,386

 

 

Intangibles

 

30,486

 

778,742

 

Organization Cost

 

19,905

 

16,793

 

Start-up Expenditures

 

244,539

 

1,690,555

 

OIDConsulting Warrant

 

636,646

 

 

Research & Development Credit

 

57,004

 

492,357

 

Derivatives

 

1,497,550

 

 

Net Operating loss

 

583,117

 

1,374,431

 

Stock Compensation

 

 

140,192

 

New Jobs Credit

 

 

6,931

 

Less: Valuation Allowance

 

(3,104,539

)

(4,474,825

)

Total long-term assets

 

10,094

 

25,176

 

Total deferred tax assets

 

10,094

 

25,176

 

 

 

 

 

 

 

Deferred tax liabilities—current:

 

 

 

Total current liabilities

 

 

 

Deferred tax liabilities—long term:

 

 

 

 

 

Fixed Assets

 

 

(25,176

)

OIDFinancing Warrant

 

(10,094

)

 

Total long-term liabilities

 

(10,094

)

(25,176

)

Total deferred tax liabilities

 

(10,094

)

 

Net deferred tax assets

 

$

 

$

 

 

Schedule of changes in the valuation allowance

 

 

 

Valuation
Allowance

 

Balance at January 1, 2013

 

$

 

Additions

 

3,170,302 

 

Balance at December 31, 2013

 

3,170,302 

 

Additions

 

1,349,692 

 

Balance at December 31, 2014

 

$

4,519,994