Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
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, 2018 and 2017:

 

    December 31, 2018     December 31, 2017  
Tax expense (benefit) computed at “expected” statutory rate   $ (222,448 )   $ (1,331,927 )
State income taxes, net of benefit     (46,078 )     -  
Permanent differences:                
Stock based compensation and consulting     (52,316 )     839,849  
Loss (gain) from change in fair value of derivative liability     -       (421 )
Other     (3,648 )     370,079  
Valuation allowance     219,858       122,420  
Net income tax expense/(benefit)   $ -     $ -  

Schedule of Deferred Tax Assets and Liabilities

Temporary differences, which give rise to a net deferred tax asset is as follows:

 

    December 31, 2018     December 31, 2017  
Deferred tax assets:                
Net operating loss carryforward   $ 947,937     $ 501,397  
                 
Total deferred tax assets   $ 947,937     $ 501,397  
                 
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   $ 947,937     $ 501,397  
Less: valuation allowance     (947,937 )     (501,397 )
Net deferred tax asset   $ -     $ -