General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

    December 31, 2018     December 31, 2017  
Net operating loss carry-forwards   $ 5,300,000     $ 3,464,000  
Share based compensation     (524,000 )     (704,000 )
Non-cash interest and financing expenses     (694,000 )     (833,000 )
Other temporary differences     (378,000       (108,000 )
Less: Valuation allowance     (3,704,000 )     (1,819,000 )
Deferred tax assets, net   $ -     $ -  

Schedule of Provision of Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes were as follows:

 

    December 31, 2018     December 31, 2017  
Statutory federal income tax rate     (21.0 )%     (34.0 )%
State taxes, net of federal benefit     (6.0 )%     (5.8 )%
Non-deductible items     (0.1 )%     (0.1 )%
Change in valuation allowance     27.9 %     27.9 %
      0.0 %     0.0 %