• Filing Date: 2018-08-20
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Note 9 - Income Taxes
3 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
NOTE 
9
 
- INCOME TAXES
 
At  
June 30, 2018, 
the Company had federal net operating loss carry-forwards ("NOL")'s of approximately 
$1,950,000.
 
These NOLs 
may 
be used to offset future taxable income and thereby reduce or eliminate our federal income taxes otherwise payable. A valuation allowance is provided when it is more likely than 
not
 that some portion or all of the deferred tax assets will 
not
 be realized. Ultimate utilization of such NOLs and research and development credits is dependent upon the Company's ability to generate taxable income in future periods and 
may 
be significantly curtailed if a significant change in
 
ownership occurs.
  
The Company provides a partial valuation allowance for the deferred tax asset resulting from the uncertainty that the stock-based compensation will be deductible. During the 
three
 months ended 
June 30, 2018, 
the Company utilized approximately 
$22,000
 in net operating losses and expects to utilize the entire 
$1,950,000
 before expiration.
 
The effective rates were approximately 
0%
 for the 
three
months ended
June 30, 2018
and
2017,
 respectively.