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INCOME TAXES
6 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 6– INCOME TAXES

 

The Company’s deferred tax assets at June 30, 2017 and December 31, 2016 consist of net operating loss carry forwards of $868,739 and $485,048, respectively. Using a federal statutory tax rate of 35%, the valuation allowance balance as of June 30, 2017 and December 31, 2016 total $304,059 and $169,767, respectively. The increase in the valuation allowance balance for the six months ended June 30, 2017 of $134,292 is entirely attributable to the net operating loss.

 

Due to the uncertainty of their realization, no income tax benefits have been recorded by the Company for these losses carry forwards as valuation allowances have been established for any such benefits. The increase in the valuation allowance was the result of increases in the net operating losses discussed above. Therefore, the Company’s provision for income taxes is $0 for the three and six months ended June 30, 2017 and 2016

 

At June 30, 2017 and December 31, 2016, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. The Company does not expect that its unrecognized tax benefits will materially increase within the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. At June 30, 2017 and 2016 the Company has not recorded any provisions for accrued interest and penalties related to uncertain tax positions.

 

The Company files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations.