XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.19.2

Income Taxes | 12 Months Ended
--- | ---
Mar. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 14 – INCOME TAXES As of March 31, 2019, we had net operating loss carryforwards of approximately $13,229,231, 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 2019 and 2018 and 34% in 2017:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Net (Loss) |  | $ | (11,709,412 | ) |  | $ | (1,797,228 | ) |  | $ | (5,788,901 | )
Benefit (expense) for income taxes computed using the statutory rate of 21% in 2019 and 2018 and 34% in 2017 |  |  | 2,458,977 |  |  |  | 377,418 |  |  |  | 1,968,226 |
Non-deductible expense |  |  | (918,417 | ) |  |  | (161,864 | ) |  |  | (360,952 | )
Re-measurement of deferred income taxes due to tax reform |  |  | - |  |  |  | - |  |  |  | (632,683 | )
Change in valuation allowance |  |  | (1,540,560 | ) |  |  | (215,554 | ) |  |  | (974,591 | )
Provision for income taxes |  | $ | - |  |  | $ | - |  |  | $ | - |
Significant components of the Company’s deferred tax liabilities and assets at March 31, 2019, March 31, 2018, and December 31, 2017 are as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Total deferred tax assets – net operating losses |  | $ | 2,778,139 |  |  | $ | 1,237,579 |  |  | $ | 1,022,025 |
Deferred tax liabilities |  |  | - |  |  |  | - |  |  |  | - |
Net deferred tax assets |  |  | 2,778,139 |  |  |  | 1,237,579 |  |  | $ | 1,022,025 |
Valuation allowance |  |  | (2,778,139 | ) |  | $ | (1,237,579 | ) |  | $ | (1,022,025 | )
|  | $ | - |  |  | $ | - |  |  | $ | - |
At March 31, 2019, net operating loss (“NOL”) carry forwards summary follows:
Expiring December 31, |  |  |
2036 |  | $ | 139,512 |
2037 |  |  | 4,727,276 |
|  |  | 4,866,788 |
Non-Expiring NOL |  |  |  |
2018 |  |  | 1,026,447 |
2019 |  |  | 7,335,996 |
Total NOL Carryforward |  | $ | 13,229,231 |
The company has never had an Internal Revenue Service audit; therefore, the tax periods ended December 31, 2016 and 2017 and March 31, 2018 and 2018 are subject to audit.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration