Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Asset

The Company’s deferred tax asset at December 31, 2017 consisted of a net operating loss calculated using federal and state effective tax rates, equating to approximately $1,753,000, fully offset by a valuation allowance as shown in the following table:

 

Deferred tax asset   $ 1,753,000  
Valuation allowance     (1,753,000 )
Net deferred tax asset   $ —  

Schedule of Reconciliation of Income Taxes

The reconciliation of income taxes computed at the federal and state statutory income tax rate to total income taxes for the periods ended December 31, 2017 and 2016 was as follows:

 

    2017     2016  
Income tax computed at the federal statutory rate     34 %     34 %
Income tax computed at the state statutory rate     5 %     5 %
Valuation allowance     (39 )%     (39 )%
Total deferred tax asset     0 %     0 %