Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Differences Between the Company's Effective Tax Rate and the Statutory Federal Rate (as a Percent)

The table below summarizes the differences between the Companies’ effective tax rate and the statutory federal rate as follows for the years ended December 31, 2018 and 2017:

 

    2018     2017  
             
Computed “expected” tax expense (benefit)     (21.00 )%     (34.00 )%
State income taxes     - %     (7.99 )%
Permanent differences     - %     1.33 %
Change in federal rate     - %     28.52 %
Timing differences     - %     - %
Change in valuation allowance     21.00 %     12.10 %
                 
Effective tax rate     - %     (0.33 )%

Schedule of Deferred Tax Assets

The Company has a deferred tax asset, which is summarized as follows at December 31:

 

    2018     2017  
Deferred tax assets:                
Total deferred tax assets   $ 22,907,783     $ 21,119,444  
Total deferred tax liabilities     -       -  
Less: valuation allowance     (22,907,783 )     (21,119,444 )
Net deferred tax asset   $ -     $ 57,349