Duos Technologies Group, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

NOTE 11 - INCOME TAXES (Tables)

NOTE 11 - INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Difference between income taxes at effective statutory rate and provision for income taxes

The items accounting for the difference between income taxes at the effective statutory rate and the provision for income taxes for the years ended December 31, 2016 and 2015 were as follows:


	Years Ended December 31,
	2016			2015
Income tax benefit at U.S. statutory rate of 34%	$	(870,948	)	$	(790,823	)
State income taxes		(92,218	)		(83,734	)
Non-deductible expenses		356,674			722,740
Change in valuation allowance		606,492			151,817
Total provision for income tax	$	—		$	—

Net deferred tax assets

The Company’s approximate net deferred tax assets as of December 31, 2016 and 2015 were as follows:


	December 31,
	2016			2015
Deferred Tax Assets:
Net operating loss carryforward	$	5,241,802		$	4,602,442
Intangible assets		181,338			215,206
		5,423,140			4,816,648
Valuation allowance		(5,423,140	)		4,816,648	)
Net deferred tax assets	$	—		$	—