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Income Taxes | 12 Months Ended
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Dec. 31, 2017
Income Taxes [Abstract] |
Income Taxes | NOTE 14 – INCOME TAXES As of December 31, 2017, the Company had net operating loss carry forwards of approximately $12.2 million that expire from 2027 through 2037 that are available to offset future taxable income. The Company was formed in 2006 as a limited liability company and changed to a corporation in 2007. Activity prior to incorporation is not reflected in the Company’s corporate tax returns. In the future, the cumulative net operating loss carry-forward for income tax purposes may differ from the cumulative financial statement loss due to timing differences between book and tax reporting. The provision for Federal income tax consists of the following for the years ended December 31, 2017 and 2016:
|  | 2017 |  |  | 2016 |
Federal income tax benefit attributable to: |  |  |  |  |  |
Current operations |  | $ | 715,000 |  |  | $ | 523,000 |
Permanent and timing differences (net) |  |  | (280,000 | ) |  |  | 133,000 |
Tax rate change |  |  | (1,600,000 | ) |  |  | - |
Valuation allowance |  |  | 1,165,000 |  |  |  | (656,000 | )
Net provision for federal income tax |  | $ | - |  |  | $ | - |
The cumulative tax effect at the expected rate of 34%, as of December 31, 2016, and 21% as of December 31, 2017, of significant items comprising our net deferred tax amount is as follows as of December 31, 2017 and 2016:
|  | 2017 |  |  | 2016 |
Deferred tax asset attributable to: |  |  |  |  |  |
Net operating loss carryover |  | $ | 2,551,000 |  |  | $ | 3,648,000 |
Depreciation and amortization |  |  | 98,000 |  |  |  | 126,000 |
Stock compensation |  |  | 372,000 |  |  |  | 339,000 |
Other |  |  | - |  |  |  | 73,000 |
Valuation allowance |  |  | (3,021,000 | ) |  |  | (4,186,000 | )
Net deferred tax asset |  | $ | - |  |  | $ | - |
Under certain circumstances issuance of common shares can result in an ownership change under Internal Revenue Code Section 382 which limits the Company’s ability to utilize carry forwards from prior to the ownership change. Any such ownership change resulting from stock issuances and redemptions could limit the Company’s ability to utilize any net operating loss carry forwards or credits generated before this change in ownership. These limitations can limit both the timing of usage of these laws, as well as the loss of the ability to use these net operating losses. It is likely that fundraising activities have resulted in such an ownership change.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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