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]  
Summary of Components of Net Deferred Tax Liabilities

Significant components of the Company’s deferred tax assets as of December 31, 2016 and 2015 are summarized below.

 

    2016     2015  
             
Net operating loss carryforward   $ 3,837,00     $ 3,300,000  
Stock-based compensation     216,000       417,000  
Total deferred tax assets     4,053,000       3,717,000  
Valuation allowance     (4,053,000 )     (3,717,000 )
Net deferred tax asset   $ -     $ -  

Summary of Income Rate

Reconciled below is the difference between the income tax rate computed by applying the U.S. federal statutory rate and the effective tax rate for the years ended December 31, 2016 and 2015.

 

    2016     2015  
U.S federal statutory income tax     (34.00 )%     (34.00 )%
State tax, net of federal tax benefit     (5.80 )%     (5.80 )%
Change in valuation allowance     39.8 %     39.8 %
Effective tax rate     %     %