General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule for significant portions of deferred income tax assets

 

 

As of December 31,

 

 

 

2016

 

 

2015

 

Current deferred tax assets/(liabilities):

 

 

 

 

 

 

State taxes

 

$ 560

 

 

$ (199,861 )

Capitalized research and development costs

 

 

51,118

 

 

 

298,621

 

Accrual to cash adjustment

 

 

-

 

 

 

638,754

 

Other

 

 

250,284

 

 

 

34,588

 

Net operating loss

 

 

4,057,846

 

 

 

1,867,086

 

Gross deferred tax assets

 

 

4,359,808

 

 

 

2,639,188

 

Valuation allowance

 

 

(4,359,808 )

 

 

(2,639,188 )

Total deferred tax assets

 

$ -

 

 

$ -

 

Schedule of provision for income taxes on earnings

 

 

 

As of December 31,

 

 

 

2016

 

 

2015

 

Expected income tax benefit at federal statutory tax rate

 

$ (1,111,773 )

 

$ (1,693,806 )

State income taxes, net of federal benefit

 

 

(241,899 )

 

 

(240,479 )

Change in fair value of warrant

 

 

(452,930 )

 

 

-

 

Change in valuation allowance

 

 

1,720,620

 

 

 

1,843,282

 

Stock compensation

 

 

83,332

 

 

 

-

 

Other permanent difference

 

 

1,580

 

 

 

222,207

 

Other

 

 

2,671

 

 

 

(129,489 )

Provision (benefit) for income taxes

 

$ 1,600

 

 

$ 1,716