Note 10 - Income Taxes

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Income Tax Disclosure [Text Block]

1

0

.

                 income taxes:

As of

December

31,

2016

 the Company had deferred tax assets resulting primarily from net operating loss carry forwards of approximately

$30,782,000,

which are available to offset future taxable income, if any, through

2034.

As utilization of the net operating loss carryforwards is not assured, a

100%

valuation allowance has been provided.

The components of the net deferred tax assets are as follows:

December 31,	201 6			201 5
Net operating loss carryforwards	$	10,466,000		$	10,312,000
Valuation allowance		(10,466,000	)		(10,312,000	)
Net deferred tax assets	$	- 0 -		$	- 0 -

The reconciliation of the effective income tax rate to the federal statutory rate are as follows:

Year ended December 31,	20 16			20 15
Federal statutory tax rate		34	%		34	%
Valuation allowance on net operating carryforwards		(34	)		(34	)
Effective income tax rate		- 0 -	%		- 0 -	%

As of

December

31,

2016,

open Federal income tax years subjected to examination, include the tax years ended

December

31,

2015

through

December

31,

2013.