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, 2017
Income Tax Disclosure [Abstract]  
Schedule for significant portions of deferred income tax assets

 

 

As of December 31,

 

 

 

2017

 

 

2016

 

Current deferred tax assets/(liabilities):

 

 

 

 

 

 

State taxes

 

$ 336

 

 

$ 560

 

Capitalized research and development costs

 

 

22,717

 

 

 

51,118

 

Accrual to cash adjustment

 

 

-

 

 

 

-

 

Other

 

 

295,265

 

 

 

250,284

 

Net operating loss

 

 

3,697,169

 

 

 

4,057,846

 

Gross deferred tax assets

 

 

4,015,487

 

 

 

4,359,808

 

Valuation allowance

 

 

(4,015,487 )

 

 

(4,359,808 )

Total deferred tax assets

 

$ -

 

 

$ -

 

Schedule of provision for income taxes on earnings subject to income taxes differs from the statutory Federal rate

 

 

As of December 31,

 

 

 

2017

 

 

2016

 

Expected income tax benefit at federal statutory tax rate

 

$ (1,082,444 )

 

$ (1,111,773 )

State income taxes, net of federal benefit

 

 

(208,619 )

 

 

(241,899 )

Change in fair value of warrant

 

 

(268,519 )

 

 

(452,930 )

Change in valuation allowance

 

 

(344,321 )

 

 

1,720,620

 

Stock Compensation

 

 

73,881

 

 

 

83,332

 

Other Perm Difference

 

 

12

 

 

 

4,250

 

Tax Cuts and Jobs Act

 

 

1,831,610

 

 

 

 

Provision for Income Taxes

 

$ 1,600

 

 

$ 1,600