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 Taxes Tables  
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,
    2016   2015
Tax provision at US statutory federal income tax rate   $ (2,320,000 )   $ (837,000 )
State income tax, net of federal benefit     —         —    
Change in valuation allowances     2,320,000       837,000  
     Provision for Income Taxes   $ —       $ —    
Schedule of Deferred Tax Assets

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

 

    December 31,
    2016   2015
Deferred Tax Assets:                
     Net operating loss carry forward   $ 3,746,000     $ 1,381,000  
     Unrealized losses on marketable securities     251,000       518,000  
     Stock based compensation     197,000       —    
     Depreciation and other     31,000       6,000  
      4,225,000       1,905,000  
Less valuation allowance     (4,225,000 )     (1,905,000 )
Net Deferred Tax Asset   $ —       $ —