Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

(4) Income Taxes

The provision (benefit) for income taxes for the year ended December 31, 2018 and 2017, was as follows (assuming a 35% effective tax rate in 2017 and 21% in 2018):

		2018		2017
Current tax provision:
Federal-
Taxable income	$	-	$	-
Total current tax provision	$	-	$	-

The Company had deferred income tax assets as of December 31, 2018 and 2017 as follows:

	2018			2017
Loss carryforwards	$	750,409		$	43,107
Less- Valuation allowance		(750,409	)		(43,107	)
Total net deferred tax assets	$	-		$	-

The Company provided a valuation allowance equal to the deferred income tax assets for the year ended December 31, 2018 and 2017, because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

As of December 31, 2018, and December 31, 2017, the Company had approximately $3,573,378 and $123,164, respectively, in tax loss carryforwards that can be utilized in future periods to reduce taxable income, and expire by the year 2030.

The Company did not identify any material uncertain tax positions that will be filed. The Company did not recognize any interest or penalties for unrecognized tax benefits during the year ended December 31, 2018 and 2017.

The Company intends to file income tax returns in the United States. All tax years are closed by expiration of the statute of limitations.