Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

At June 30, 2019 and December 31, 2018, we had no unrecognized tax benefits, no accrued interest and penalties, and no significant uncertain tax positions.  No interest and penalties were recognized during the periods ended June 30, 2019 and December 31, 2018.

At June 30, 2019 and December 31, 2018, we have unused net operating loss carryforwards (“NOL”) of $5,869,644 and $3,865,253, respectively, which will begin to expire in tax years 2038 and 2039.  At June 30, 2019 and December 31, 2018, we have capital loss carryforwards of $344,510  and $164,566, respectively.  Of the NOLs as of June 30, 2019, $5,310,679 are subject to limitations under Section 382 of the Internal Revenue Code.  These NOLs are limited in the amount that can be utilized in any one year and may expire before they are realized.  At this time, we do not expect that any of the remaining NOL carryforwards will expire before utilized.  At June 30, 2019 and December 31, 2018, the Company had no other income tax related carryovers for net operating losses, alternative tax credits, or capital losses.  

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized.  The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible.  Management considers the scheduled reversal of deferred tax liabilities (including the impact of carryback and carryforward periods), projected future taxable income, and tax planning strategies in making this assessment.  At June 30, 2019 and December 31, 2018, management determined that it is more likely than not that all of the deferred tax assets will be realized by the Company in future years.    Accordingly, the Company did not record a valuation allowance against its deferred tax assets at June 30, 2019 and December 31, 2018.