• Filing Date: 2016-03-30
  • Form Type: 10-K
  • Description: Annual report
v3.3.1.900
5. INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Provision for income taxes
    2015     2014  
Current:                
Federal   $        
State            
             
Deferred:                
Federal            
State            
    $     $  
Schedule of deferred income taxes
   YEARS ENDED DECEMBER 31, 
   2015   2014 
Net operating loss carry-forwards  $(15,977,000)  $(11,792,000)
Stock based compensation – options/warrants   3,267,000    2,686,000 
Stock issued for services   971,000    971,000 
Gain on derivative instrument   (489,000)    
Disallowed entertainment expense   52,000    45,000 
Charitable contribution limitation   11,000    10,000 
Preferred Stock   39,000    39,000 
Bad debt expense & reserves   47,000    31,000 
Penalties   1,000    1,000 
Loss on extinguishment of debt   129,000    129,000 
Beneficial conversion features   119,000    119,000 
Mobiquity-Spain – net loss   695,000    440,000 
Amortization of debt discount   246,000     
Deferred Tax Assets   (10,889,000)   (7,321,000)
Less Valuation Allowance   10,889,000    7,321,000 
Net Deferred Tax Asset  $   $ 
Reconciliation of federal statutory rate
   YEARS ENDED DECEMBER 31, 
   2015   2014 
Federal Statutory Tax Rate   34.00%    34.00% 
State Taxes, net of Federal benefit   6.00%    6.00% 
Change in Valuation Allowance   (40.00%)   (40.00%)
Total Tax Expense   0.00%    0.00%