Post-effective amendment to a registration statement that is not immediately effective upon filing

NOTE 12 - INCOME TAXES (Tables)

v3.19.1
NOTE 12 - INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
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, 2018 and 2017 were as follows:

 

 

 

Years Ended December 31,

 

 

 

2018

 

 

2017

 

Income tax benefit at U.S. statutory rate of 21% in 2018 and 34% in 2017

 

$

(331,986

)

 

$

(1,751,842

)

State income taxes

 

 

(56,912

)

 

 

(185,489

)

Non-deductible expenses

 

 

110,165

 

 

 

551,235

 

Effect of change in federal statutory rate to 21%

 

 

—

 

 

 

490,618

 

Change in valuation allowance

 

 

278,733

 

 

 

895,478

 

Total provision for income tax

 

$

—

 

 

$

—

Net deferred tax assets

The Company’s approximate net deferred tax assets as of December 31, 2018 and 2017 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Deferred Tax Assets:

 

 

 

 

 

 

 

 

Net operating loss carryforward

 

$

4,653,240

 

 

$

4,357,876

 

Intangible assets

 

 

80,472

 

 

 

97,103

 

 

 

 

4,733,712

 

 

 

4,454,979

 

Valuation allowance

 

 

(4,733,712

)

 

 

(4,454,979

)

Net deferred tax assets

 

$

—

 

 

$

—