Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES (Details 1)

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INCOME TAXES (Details 1) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income before income tax expense $ 318,399 $ 1,496,021 $ 1,499,819 $ 2,993,241
Computed tax expense with statutory tax rate 52,537 246,843 247,472 493,885
Impact of different tax rates in other jurisdictions (8,506) (89,725) (161,600) (231,889)
Non-deductible items:        
Tax effect of non-deductible expenses 164,382 (26,317) 184,900 21,625
Previous years unrecognized taxation effect (196,050) 0 (196,050) 0
Changes in valuation allowance 59,917 248,377 305,439 496,725
Total Provision for Income Taxes $ 72,280 $ 379,178 $ 380,161 $ 780,346