|
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
|
|
|
OID—Consulting 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
|
)
|
|
OID—Financing 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
|
|
|