Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Taxes Tables  
Schedule of Provision for Income Taxes

The provision for income taxes is as follows:

 

    December 31,
    2015   2014
Federal:                
     Current   $ —       $ —    
     Deferred     —         1,040,000  
      —         1,040,000  
State:                
     Current     —         —    
     Deferred     —         —    
      —         —    
Provision for Income Taxes   $ —       $ 1,040,000  
Schedule of Reconcilation of Provision for Income Taxes

A reconciliation of the provision for income taxes computed using the US statutory federal income tax rate is as follows:

 

    December 31,
    2015   2014
Tax provision at US statutory federal income tax rate   $ (3,041,000 )   $ 1,098,000  
State income tax, net of federal benefit     —         —    
Depreciation     9,000       18,000  
Related party accrued interest     —         (282,000 )
Gains and losses on marketable securities     899,000       (691,000 )
Stock based compensation     817,000       336,000  
Loss on disposal of subsidiary     387,000       —    
Net operating losses carry forwards     —         845,000  
Other     92,000       —    
Change in valuation allowances     837,000       (284,000 )
     Provision for Income Taxes   $ —       $ 1,040,000  
Schedule of Deferred Tax Assets

The significant components of the Company’s deferred tax assets were:

 

    December 31,
    2015   2014
Deferred Tax Assets:                
     Net operating loss carry forward   $ 1,381,000     $ 334,000  
     Unrealized losses on marketable securities     518,000       375,000  
     Stock based compensation     —         336,000  
     Depreciation and other     6,000       23,000  
      1,905,000       1,068,000  
Less valuation allowance     (1,905,000 )     (1,068,000 )
Net Deferred Tax Asset   $ —       $ —