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Income Taxes
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Income Taxes

Note 13. Income Taxes

 

At December 31, 2018, the Company had net operating loss carryforwards for income taxes of approximately $12.7 million, which expire during various periods through 2038. Realization of deferred income taxes as of December 31, 2018 and 2017 is not considered likely. Therefore, by applying a federal statutory rate of 21% to the carryforward amounts, a valuation allowance of approximately $2.7 million and $2.9 million, has been established for each year for the entire amount of deferred tax assets relative to the net operating loss at December 31, 2018 and 2017, respectively, resulting in an effective tax rate of 0% and no deferred tax asset recognition. The valuation allowance decreased by approximately $245,000 in 2018 and increased by $145,000 in 2017.

 

Enactment of corporate tax law changes in 2018 may limit the utilization of post 2017 net operating loss carryforwards.