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

Income Taxes (Tables)

v3.19.3
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Taxes Rate

The following table presents a reconciliation of the statutory Federal rate and the Company’s effective tax rate for the years ended December 31:

 

    2018     2017  
Tax provision (benefit) at Federal statutory rate     (21.00 )%     (34.00 )%
Accrued compensation     (0.28 )%     (0.32 )%
Stock based compensation     3.37 %     4.15 %
Depreciation and amortization     0.15 %     0.59 %
Other     0.07 %     0.26 %
Change in valuation allowance     17.69 %     29.32 %
Effective tax rate     0.00 %     0.00 %

Schedule of Deferred Income Tax Assets and Liabilities

The following table presents significant components of the Company’s deferred tax assets and liabilities for the years ended December 31:

 

    2018     2017  
DEFERRED TAX ASSETS, net:                
Net operating loss carryforwards   $ 9,633,893     $ 8,705,467  
Accrued compensation     1,080,432       1,074,903  
Stock based compensation     178,174       66,348  
Credit carryforwards     52,592       71,910  
Depreciation and amortization carryforwards     (63,917 )     (71,054 )
Total     10,881,174       9,847,574  
Less valuation allowance     (10,881,174 )     (9,847,574 )
NET DEFERRED TAX ASSETS   $ -     $ -