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 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:

 

    2017     2016  
Tax provision (benefit) at Federal statutory rate     (34.00 )%     (34.00 )%
Accrued compensation     (0.32 )%     0.89 %
Stock based compensation     4.15 %     10.01 %
Depreciation and amortization     0.59 %     0.36 %
Other     0.26 %     0.09 %
Change in valuation allowance     29.32 %     22.65 %
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:

 

    2017     2016  
DEFERRED TAX ASSETS, net:                
Net operating loss carryforwards   $ 8,705,467     $ 12,013,384  
Accrued compensation     1,074,903       1,535,184  
Stock based compensation     66,348       200,700  
Credit carryforwards     71,910       100,318  
Depreciation and amortization carryforwards     (71,054 )     (87,903 )
Total     9,847,574       13,761,683  
Less valuation allowance     (9,847,574 )     (13,761,683 )
NET DEFERRED TAX ASSETS assets   $ -     $ -