Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense benefit

The components of the provision (benefit) for income taxes are as follows:

 

    Years Ended December 31,  
    2016     2015  
CURRENT                
Federal   $ -     $ -  
State     -       -  
Total current tax provision     -       -  
                 
DEFERRED                
Federal     -       -  
State     -       -  
Total deferred tax provision     -       -  
Total tax provision (benefit)   $ -     $ -  
Schedule of deferred tax assets
The components of deferred taxes are as follows:                
                 
Deferred Tax Assets:                
                 
Net operating loss carry-forward   $ (2,570,982 )   $ (2,139,554 )
Less: valuation allowance     (2,570,982 )     (2,139,554 )
Deferred tax assets     -       -  
Deferred tax liabilities     -       -  
                 
Net deferred tax asset   $ -     $ -  
Schedule of expected income tax expense (benefit)

The difference between the expected income tax expense (benefit) and the actual tax expense (benefit) computed by using the Federal statutory rate of 34% is as follows:

 

    Year Ended December 31,  
    2016     2015  
             
Expected income tax benefit (loss) at statutory rate of 34%   $ 293,316     $ 117,505  
State and local tax benefit, net of federal     61,251       24,538  
Change in valuation account     (354,567 )     (142,043 )
                 
Income tax expense (benefit)   $ -     $ -