Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Differences between effective tax rate and the statutory federal rate

    December 31,
2015		     December 31,
2014		  
Tax expense (benefit) computed at "expected" statutory rate    $ (701,382)     $ (139,800)  
    State income taxes, net of benefit      -        (13,100)  
Permanent differences :                
    Stock based compensation and consulting     364,067        61,100  
    Loss (gain) from change in fair value of derivative liability     21,575        (2,300)  
    Other   48,276       -  
                 
Increase (decrease) in valuation allowance      267,464       (94,100 )
Net income tax benefit    $ -     $ -  

 
Deferred tax assets and liabilities

    December 31,
2015		     December 31, 2014  
Deferred tax assets:                
    Net operating loss carryforward   $ 195,645      $ 9,824,400  
                 
Total deferred tax assets   $ 195,645      $ 9,824,400  
                 

Deferred tax liabilities:

                
Book basis of property and equipment in excess of tax basis   $ -     $ -  
Total deferred tax liabilities   $ -     $ -  
                 
Net deferred tax asset before valuation allowance   $ 195,645      $ 9,824,400  
Less:  valuation allowance     (195,645)       (9,824,400 )
Net deferred tax asset   $ -     $ -