Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Taxes Tables  
Summary of Effective Tax Rate and the Statutory Federal Rate

The table below summarizes the differences between the Company’s effective tax rate of 39% and the statutory federal rate as follows for the years ended December 31, 2017 and 2016:

 

    December 31, 2017     December 31, 2016  
Tax expense (benefit) computed at “expected” statutory rate   $ (1,331,927 )   $ (880,547 )
State income taxes, net of benefit     -       -  
Permanent differences:                
Stock based compensation and consulting     839,849       384,974  
Loss (gain) from change in fair value of derivative liability     (421 )     (144,872 )
Other     370,079       550,549  
Valuation allowance     122,420       89,895  
Net income tax expense/(benefit)   $ -     $ -  

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are provided for significant income and expense items recognized in different years for tax and financial reporting purposes. Temporary differences, which give rise to a net deferred tax asset is as follows:

 

    December 31, 2017     December 31, 2016  
Deferred tax assets:                
Net operating loss carryforward   $ 501,397     $ 277,227  
                 
Total deferred tax assets   $ 501,397     $ 277,227  
                 
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   $ 501,397     $ 277,227  
Less: valuation allowance     (501,397 )     (277,227 )
Net deferred tax asset   $ -     $ -