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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes Tables

Schedule of reconciliation of income tax expense

The reconciliation of income tax expense computed at the U.S. federal statutory rate to the income tax provision for the years ended December 31, 2015 and 2014 is as follows:

		12/31/2015				12/31/2014
US
Income before income taxes		$	(6,687,709	)		$	7,041,874
Taxes under statutory US tax rates		$	(2,273,821	)		$	2,394,237
Increase (decrease) in taxes resulting from:
Increase (decrease) in valuation allowance		$	159,457			$	(8,509	)
Foreign tax rate differential		$	2,126,593			$	(1,392,850	)
Permanent differences		$	183			$	2,026
State taxes		$	(12,412	)		$	2,279
Income tax expense		$	-			$	(997,183	)

Net tax effects of temporary differences between the carrying amount of assets and liabilities

Significant components of the Company's deferred tax assets and liabilities consist of the following:

		12/31/2015				12/31/2014
US
Net operating loss carry forward		$	247,025			$	201,457
Greece
Net operating loss carry forward			77,319				11,439
Cyprus
Net operating loss carry forward			11,018				-
Total deferred tax asset			335,362				212,896
Valuation allowance			(335,362	)			(212,896	)
Deferred tax asset, net		$	-			$	-

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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