Annual report pursuant to Section 13 and 15(d)

Tax (Tables)

v3.19.1
Tax (Tables)
12 Months Ended
Dec. 31, 2018
Tax  
Schedule of tax benefits and provisions

    2018     2017  
Current:            
Federal     -       -  
State and local   $ 22,153     $ 40,422  
Total Current     22,153       40,422  
Deferred federal income tax benefit     -       500,000  
                 
Net Provision (Benefit)   $ 22,153     $ 540,422  

Schedule of Effective Income Tax Rate Reconciliation

    2018     2017  
Computed tax at the federal statutory rate   $ (1,007,000 )   $ (817,000 )
State taxes     22,000       14,000  
Debt discounts     142,000       254,000  
Other permanent and prior period adjustments     213,000       36,000  
Valuation allowance     652,000       513,000  
Income tax provisoin   $ 22,000     $ -  

Schedule of Deferred Tax Assets and Liabilities

    2018     2017  
Deferred tax assets:            
Net operating loss carryforwards   $ 4,328,000     $ 3,840,000  
Stock based compensation     888,000       903,000  
Accrued Compensation     115,000       -  
Total deferred tax assets     5,331,000       4,743,000  
Deferred tax liabilities:                
Property and equipment     (51,000 )     (137,000 )
Other     (33,000 )     (11,000 )
Total deferred tax liabilites     (84,000 )     (148,000 )
                 
Valuation Allowance     (5,247,000 )     (4,595,000 )
                 
Net deferred tax asset   $ -     $ -