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

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017     December 31, 2016  
             
Net operating loss carry-forwards   $ 3,464,000     $ 4,149,000  
Share based compensation     (704,000 )     (518,000 )
Non-cash interest and financing expenses     (833,000 )     (343,000 )
Other temporary differences     (108,000       (55,000 )
Less: Valuation allowance     (1,819,000 )     (3,233,000 )
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, 2017     December 31, 2016  
             
Statutory federal income tax rate     (34.0 %)     (34.0 %)
State taxes, net of federal benefit     (5.8 %)     (5.8 %)
Non-deductible items     (0.1 %)     (0.1 %)
Effect of change in tax rate     12 %     -  
Change in valuation allowance     27.9 %     39.9 %
      0.0 %     0.0 %