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 Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rates Reconciliation

A reconciliation of the differences between the effective income tax rates and the statutory federal tax rates for the years ended December 31, 2018 and 2017 (computed by applying the U.S. Federal corporate tax rate of 34 percent to the loss before taxes) is as follows:

 

    2018     2017  
Tax benefit at U.S. statutory rate   $ 72,924     $ 924,190  
State taxes, net of federal benefit     15,088       60,548  
Stock and stock based compensation     —       (80,291 )
Change in fair value of convertible bridge notes and derivatives     339,559       (426,489 )
Amortization of preferred stock discount     —       (42,552 )
Gain on extinguishment of liabilities     —       155,285  
Change of U.S. federal rate     —       (695,021 )
Other permanent differences     2,551       36,973  
Change in valuation allowance     (490,122 )     67,357  
    $ —     $ —  

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the years ended December 31, 2018 and 2017 consisted of the following:

 

    2018     2017  
Net operating loss carry-forward   $ 1,830,186     $ 1,387,476  
Accrued interest     46,069       46,069  
Stock based compensation     44,861       —  
Deferred revenue     2,551       —  
Depreciation expense     343       343  
Net deferred tax assets     1,924,010       1,433,888  
Valuation allowance     (1,924,010 )     (1,433,888 )
Total net deferred tax asset   $ —     $ —