Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
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, 2016 and 2015:

 

    December 31, 2016     December 31, 2015  
Tax expense (benefit) computed at “expected” statutory rate   $ (880,547 )   $ (701,382 )
State income taxes, net of benefit     -       -  
Permanent differences :                
Stock based compensation and consulting     384,974       364,067  
Loss (gain) from change in fair value of derivative liability     (144,872 )     21,575  
Other     550,549       128,408  
Valuation allowance     89,895       187,332  
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, 2016     December 31, 2015  
Deferred tax assets:                
Net operating loss carryforward   $ 277,227      $ 187,332  
                 
Total deferred tax assets   $ 277,227     $ 187,332  
                 
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   $ 277,227     $ 187,332  
Less: valuation allowance     (277,227 )      (187,332 ) 
Net deferred tax asset   $ -     $ -