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 Provision for Income Taxes


 

 

Year Ended

 

 

 

December 31,

 

 

 

2016

 

 

2015

 

Tax expense (benefit) at the statutory rate

 

$

(906,797

)

 

$

(568,852

)

State income taxes, net of federal income tax benefit

 

 

(96,813

)

 

 

(60,733

)

Non-deductible expenses

 

 

229,241

 

 

 

2,135

 

Change in valuation allowance

 

 

774,369

 

 

 

627,450

 

Total

 

$

 

 

$

 


Schedule of Deferred Tax Assets and Liabilities


 

 

Year Ended

 

 

 

December 31,

 

 

 

2016

 

 

2015

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforward

 

$

2,716,420

 

 

$

2,042,006

 

Book to tax difference – intangible assets

 

 

146,733

 

 

 

27,348

 

Stock option expense

 

 

90,801

 

 

 

373,456

 

Total gross deferred tax assets

 

 

2,953,954

 

 

 

2,442,810

 

Less: Deferred tax asset valuation allowance

 

 

(2,953,954

)

 

 

(2,442,810

)

Total net deferred tax assets

 

$

 

 

$