Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Taxes [Abstract]  
Schedule of consolidated provision for income taxes

      Year Ended     Year Ended  
      December 31, 2017     December 31, 2016  
  Income Tax Expense (benefit)            
  Current federal tax expense            
  Federal   $ -0-     $ -0-  
  State     -0-       -0-  
  Deferred tax (benefit)                
  Federal   $ -0-     $ -0-  
  State     -0-       -0-  
  Total   $ -0-     $ -0-  

 

Schedule of federal statutory rates to income before federal income tax expense
      Year Ended     Year Ended  
      December 31, 
2017
    December 31, 
2016
 
               
  Expected federal tax provision (benefit) at 35% rate   $ (831,200 )   $ (150,900 )
  Surtax exemption     23,700       21,600  
  Meals and entertainment     12,700       6,400  
  Valuation allowance     (43,300 )     (20,000  
  State income tax     838,100       142,900  
  Total income tax   $ -     $ -  
                   
  Effective tax rate     0.0 %     0.0 %
Schedule of deferred tax assets and liabilities
      Year Ended     Year Ended  
      December 31, 2017     December 31, 2016  
  Deferred tax assets:            
  Reserve for inventory obsolescence   $ 41,700     $ 15,900  
  Reserve for bad debt     34,200       16,600  
  Stock option compensation     273,500       172,800  
  Federal tax loss carryforward     1,058,000       258,200  
  State tax loss carryforward     201,000       39,900  
  Less valuation allowance     (1,398,400 )     (398,700 )
                   
  Total Deferred Tax Asset   $ 210,000     $ 104,700  

 

 

      Year Ended     Year Ended  
      December 31, 
2017
    December 31, 
2016
 
  Deferred tax liabilities:            
  Accumulated depreciation and amortization   $ (210,000 ) $ (104,700 )
  Total deferred tax liabilities     (210,000 )     (104,700 )
                   
  NET DEFERRED TAX   $ -0-     $ -0-