Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.7.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2016
Income Taxes Tables  
Schedule of provision for income taxes
    2016     2015  
Current provision:            
Federal   $ -     $ -  
State     -       -  
                 
Deferred benefit:                
Federal     (548,876 )     (485,644 )
State     (93,632 )     (84,988 )
      (642,508 )     (570,632 )
Change in valuation allowance     642,508       570,632  
Total Provision   $ -     $ -  
Schedule of difference between the income tax provision and income taxes computed
    2016     2015  
Provision at statutory rate     34.0 %     34.0 %
State taxes, net of federal benefit     5.8 %     5.8 %
Nondeductible and other items   (8.9 %)   (8.9 %)
Change in valuation allowance   (30.9 %)   (30.9 %)
Total   (0.0 %)   (0.0 %)
Schedule of net deferred tax assets and liabiliites
    2016     2015  
Deferred tax assets:            
Net operating loss carry forwards   $ 548,876     $ 247,200  
Share-based compensation     216,310       280,190  
Accrual to cash     (158,698 )     215,476  
Other     1,396,446       1,280,651  
Total deferred tax assets     2,002,934       2,023,517  
Valuation allowance     (1,946,334 )     (1,966,917 )
      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)   $ -     $ -