Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) consists of the following:

 

    2015     2014  
             
Federal:                
Current   $ -     $ -  
Deferred     (454,300 )     (2,400 )
Change in valuation allowance     454,300       2,400  
    $ -     $ -  

Reconciliation of Income Taxes Using Statutory U.S. Income Tax Rate and Benefits from Income Taxes

The expected tax benefit based on the statutory rate is reconciled with actual tax benefit as follows:

 

    2015     2014  
             
U.S. federal statutory rate     -34.0 %     -34.0 %
State income tax, net of federal benefit     0.0 %     0.0 %
Increase (decrease) in valuation allowance     34.0 %     34.0 %
      0.0 %     0.0 %

Components of Deferred Tax Assets and Related Valuation Allowances

 

Deferred tax assets consist of the effects of temporary differences attributable to the following:

 

    2015     2014  
Deferred tax assets                
Net operating losses   $ 443,400     $ 2,400  
Option compensation accrual     13,300       -  
Deferred tax assets     456,700       2,400  
Valuation allowance     (456,700 )     (2,400 )
Deferred tax assets, net of valuation allowance   $ -     $ -