Annual report pursuant to Section 13 and 15(d)

Tax (Tables)

v3.8.0.1
Tax (Tables)
 12 Months Ended
Dec. 31, 2017
Tax Tables  
Schedule of tax benefits and provisions

    2017     2016  
Current:            
Federal     -       -  
State and local   $ 40,422     $ 27,331  
Total Current     40,422       27,331  
Deferred federal income tax benefit     500,000       (500,000 )
            .  
Net Provision (Benefit)   $ 540,422     $ (472,669 )

Schedule of Effective Income Tax Rate Reconciliation

    2017     2016  
Computed tax at the federal statutory rate   $ (803,000 )   $ (5,901,000 )
Return to provision adjustment     -       2,019,000  
Debt discounts     254,000       6,279,000  
Other     36,000       16,000  
Valuation allowance     513,000       (2,913,000 )
Federal income tax benefit   $ -     $ (500,000 )

Schedule of Deferred Tax Assets and Liabilities

    2017     2016  
Deferred tax assets:            
Net operating loss carryforwards   $ 3,840,000     $ 5,927,000  
Stock based compensation     903,000       1,211,000  
Total deferred tax assets     4,743,000       7,138,000  
Deferred tax liabilities:                
Property and equipment     (137,000 )     (228,000 )
Other     (11,000 )     (33,000 )
Total deferred tax liabilites     (148,000 )     (261,000 )
                 
Valuation Allowance     (4,595,000 )     (6,377,000 )
                 
Net deferred tax asset   $ -     $ 500,000