Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure Income Taxes Tables Abstract  
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,
    2018   2017
Tax provision at US statutory federal income tax rate   $ (558,000 )   $ (468,000 )
State income tax, net of federal benefit     —         —    
Change in valuation allowances     558,000       468,000  
     Provision for Income Taxes   $ —       $ —    
Schedule of Deferred Tax Assets

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

 

    December 31,
    2018   2017
Deferred Tax Assets:                
     Net operating loss carry forward   $ 4,376,000     $ 3,849,000  
     Capital loss carry over     630,000       630,000  
     Accrued expenses     16,000       —    
     Unrealized losses on marketable securities     9,000       2,000  
     Depreciation and other     (26,000 )     434,000  
      5,005,000       4,915,000  
Less valuation allowance     (5,005,000 )     (4,915,000 )
Net Deferred Tax Asset   $ —       $ —