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, 2017

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, 2017 and 2016 were as follows:



	Years Ended December 31,
	2017			2016
Income tax benefit at U.S. statutory rate of 34%	$	(1,751,842	)	$	(870,948	)
State income taxes		(185,489	)		(92,218	)
Non-deductible expenses		551,235			356,674
Effect of change in federal statutory rate to 21%		490,618			—
Change in valuation allowance		895,478			606,492
Total provision for income tax	$	—		$	—

Net deferred tax assets

The Company’s approximate net deferred tax assets as of December 31, 2017 and 2016 were as follows:



	December 31,
	2017			2016
Deferred Tax Assets:
Net operating loss carryforward	$	4,357,876		$	5,241,802
Intangible assets		97,103			181,338
		4,454,979			5,423,140
Valuation allowance		(4,454,979	)		(5,423,140	)
Net deferred tax assets	$	—		$	—