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 Taxes Tables Abstract  
Schedule of provision for income taxes
    2018     2017  
Current provision:            
Federal   $ -     $ -  
State     -       -  
                 
Deferred benefit:                
Federal     (377,512 )     (660,421 )
State     (174,325 )     (119,597 )
      (551,837 )     (780,018 )
Change in valuation allowance     551,837       780,018  
Total Provision   $ -     $ -  
Schedule of difference between the income tax provision and income taxes computed

    2018     2017  
Provision at statutory rate     21.0 %     34.0 %
State taxes, net of federal benefit     8.84 %     5.8 %
Nondeductible and other items     (8.84 )%     (18.8 )%
Change in valuation allowance     (21.0 )%     (21.0 )%
Total     (0.0 )%     (0.0 )%
Schedule of net deferred tax assets and liabilities
    2018     2017  
Deferred tax assets:            
Net operating loss carry forwards   $ 648,891     $ 746,919  
Share-based compensation     592,023       174,465  
Accrual to cash     26,853       (45,292 )
Other     379,096       2,278,510  
Total deferred tax assets     1,646,863       3,154,602  
Valuation allowance     (1,646,863 )     (3,098,002 )
      -       56,600  
                 
Deferred tax liabilities:                
Tax deductible licensing agreement     -       (56,600 )
Accrual to cash     -       -  
Other     -       -  
                 
Total deferred tax liabilities     -       (56,600 )
                 
Net deferred tax assets (liabilities)   $ -     $ -