• Filing Date: 2019-04-16
  • Form Type: 10-K
  • Description: Annual report
v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of income tax provision (benefit)

Income tax provision (benefit) for the years ended December 31, 2018 and 2017, is summarized below:

 

    2018     2017  
Current:                
Federal   $     $  
State            
Total current            
Deferred:                
Federal (21% tax rate in 2018)     (130,000 )     (68,900 )
State     (34,100 )     (11,200 )
Total deferred     (164,100 )     (80,100 )
Increase in valuation allowance     164,100       80,100  
Total provision   $     $  
Schedule of sources and tax effects

The sources and tax effects of the differences as of December 31, 2017 and 2016 are as follows:

 

    2018     2017  
Income tax provision at the federal statutory rate     21.0 %     34.0 %
State income taxes, net of federal benefit     5.5 %     5.5 %
Increase in valuation allowance     (26.5 %)     (39.5 %)
      0.0 %     0.0 %
Schedule of net deferred income tax assets

Components of the net deferred income tax assets at December 31, 2017 and 2016 were as follows:

 

    2018     2017  
Net operating loss carryovers (2017 adjusted for revised tax rate)   $ 528,200     $ 364,100  
Valuation allowance     (528,200 )     (364,100 )
    $     $