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 Taxes Tables Abstract  
Schedule of provision for income taxes
    2017     2016  
Current provision:            
Federal   $ -     $ -  
State     -       -  
                 
Deferred benefit:                
Federal     (660,421 )     (548,876 )
State     (119,597 )     (93,632 )
      (780,018 )     (642,508 )
Change in valuation allowance     780,018       642,508  
Total Provision   $ -     $ -  
Schedule of difference between the income tax provision and income taxes computed

    2017     2016  
Provision at statutory rate     34.0 %   34.0 %  
State taxes, net of federal benefit     5.8 %   5.8 %  
Nondeductible and other items     (18.8 )%   (8.9 )%  
Change in valuation allowance     (21.0 )%   (30.9 )%  
Total     (0.0 )%     (0.0 )%

Schedule of net deferred tax assets and liabilities
    2017     2016  
Deferred tax assets:            
Net operating loss carry forwards   $ 746,919     $ 548,876  
Share-based compensation     174,465       216,310  
Accrual to cash     (45,292 )     (158,698 )
Other     2,278,510       1,396,446  
Total deferred tax assets     3,154,602       2,002,934  
Valuation allowance     (3,098,002 )     (1,946,334 )
      56,600       56,600  
                 
Deferred tax liabilities:                
Tax deductible licensing agreement     (56,600 )     (56,600 )
Accrual to cash     -       -  
Other     -       -  
                 
Total deferred tax liabilities     (56,600 )     (56,600 )
                 
Net deferred tax assets (liabilities)   $ -     $ -