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INCOME TAXES | 3 Months Ended
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Mar. 31, 2018
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 12 – INCOME TAXES As of March 31, 2018, we had net operating loss carryforwards of approximately $5,893,235, which will expire beginning at the end of 2036. A valuation allowance has been provided for the deferred tax asset as it is uncertain whether the Company will have future taxable income. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act reduces the corporate tax rate to 21% effective January 1, 2018. Consequently, we have recorded an adjustment to the deferred tax provision for the year ended December 31, 2017. Reconciliation of the benefit (expense) for income taxes with amounts determined by applying the statutory federal income rate of 21% in 2018 and 34% in 2017 and 2016 to the respective losses before income taxes as follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
Net (Loss) |  | $ | (1,797,228 | ) |  | $ | (5,788,901 | ) |  | $ | (155,024 | )
Benefit (expense) for income taxes computed using the statutory rate of 21% and 34% |  |  | 377,418 |  |  |  | 1,968,226 |  |  |  | 52,708 |
Non-deductible expense |  |  | (161,864 | ) |  |  | (360,952 | ) |  |  | (5,274 | )
Re-measurement of deferred income taxes due to tax reform |  |  | - |  |  |  | (632,683 | ) |  |  | - |
Change in valuation allowance |  |  | (215,554 | ) |  |  | (974,591 | ) |  |  | (47,434 | )
Provision for income taxes |  | $ | - |  |  | $ | - |  |  | $ | - |
Significant components of the Company's deferred tax liabilities and assets at March 31, 2018 and 2017 are as follows: |  |  |  |  |  |  |  |  |
|  | 2018 |  | 2017 |  | 2016 |
Total deferred tax assets – net operating losses |  | $ | 1,237,579 |  |  | $ | 1,022,025 |  |  | $ | 47,434 |
Deferred tax liabilities |  |  | - |  |  |  | - |  |  |  | - |
Net deferred tax assets |  |  | 1,237,579 |  |  | $ | 1,022,025 |  |  |  | 47,434 |
Valuation allowance |  | $ | (1,237,579 | ) |  | $ | (1,022,025 | ) |  | $ | (47,434 | )
|  | $ | - |  |  | $ | - |  |  | $ | - |
At March 31, 2018, net operating loss ("NOL") carry forwards summary follows:
Expiring December 31, |  |  |
2036 |  | $ | 139,512 |
2037 |  |  | 4,727,276 |
|  |  | 4,866,788 |
2018 Non-Expiring NOL |  |  | 1,026,447 |
Total NOL Carryforward |  | $ | 5,893,235 |
Tax period of 2018, 2017, and 2016 remain subject to Internal Revenue Service audit.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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