WiSA Technologies, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The

domestic and foreign components of loss before provision for income taxes loss for the years ended December 31, 2018 and 2017 were as follows

	2018			2017
Domestic	$	(67,326,469	)	$	(25,665,308	)
Foreign		(21,792	)		18,705
Loss before provision for income taxes	$	(67,348,261	)	$	(25,646,603	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes was calculated on a jurisdiction basis.

	Year Ended December 31,
	2018		2017
Current:
Federal	$	-	$	-
State		8,150		5,610
Foreign		-		-
Total current provision for income taxes		8,150		5,610
Deferred:
Federal		-		-
State		-		-
Foreign		-		-
Total deferred provision for income taxes		-		-
Total	$	8,150	$	5,610

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The deferred tax assets and liabilities are as follows.

	December 31,			December 31,
	2018			2017
Deferred tax assets:				(unaudited)
Net operating loss	$	4,894,266		$	13,878,830
Accruals and reserves		63,537			-
Amortization of intangible assets		1,747,381			-
Other		114,651			-
Gross deferred tax assets		6,819,835			13,878,830
Valuation allowance		(6,782,595	)		(13,878,830	)
Total deferred tax assets		37,240			-
Deferred tax liabilities:
Prepaid expenses		(37,240	)		-
Total deferred tax liabilities		(37,240	)		-
Net deferred tax assets	$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Provision for income taxes for the years ended December 31, 2018 and 2017 differed from the amounts computed by applying the statutory federal income tax rate of 21% and 34%, respectively, to loss before provision for income taxes as a result of the following. The 2017 information is presented on a pro forma basis assuming the Company converted to a C corporation at the beginning of the year:

	Year Ended December 31,
	2018				2017
				(unaudited)
Effective tax rate reconciliation:
Income tax provision at statutory rate		21.0	%			34.0	%
State taxes, net of federal benefit		-				-
Effect of tax reform (1)		-				(30.0	)
Other permanent differences		(13.9	)			(24.5	)
Change in valuation allowance		(7.1	)			20.5
Total income tax benefit (expense)		-	%			-	%

(1)

Due to the 2017 Tax Act which was enacted in December 2017, our U.S. deferred tax assets and liabilities as of December 31, 2017 were re-measured from 34% to 21%.