|12 Months Ended|
Dec. 31, 2017
|Income Tax Disclosure [Abstract]|
NOTE 7 – INCOME TAXES
Due to operating losses, there is no required provision for federal or state income taxes for the years ended December 31, 2017 or 2016. At December 31, 2017, the Company had federal and state net operating loss carry forwards of approximately $4.1 million.
The Company’s deferred tax asset at December 31, 2017 consisted of a net operating loss calculated using federal and state effective tax rates, equating to approximately $1,753,000, which was fully offset by a valuation allowance as shown in the following table:
The reconciliation of income taxes computed at the federal and state statutory income tax rate to total income taxes for the periods ended December 31, 2017 and 2016 was as follows:
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef