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INCOME TAXES | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
NOTE 5 - INCOME TAXES | The reconciliation of income tax expense computed at the U.S. federal statutory rate to the income tax provision for the years ended December 31, 2017 and 2016 is as follows:
|  | 12/31/2017 |  |  | 12/31/2016 |
US |  |  |  |  |  |
Income before income taxes |  | $ | (6,209,768 | ) |  | $ | (592,288 | )
Taxes under statutory US tax rates |  | $ | (2,111,321 | ) |  | $ | (201,378 | )
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |
Increase (decrease) in valuation allowance |  | $ | 156,724 |  |  | $ | 193,451 |
Foreign tax rate differential |  | $ | 424,810 |  |  | $ | 19,122 |
Tax Cuts and Jobs Act |  | $ | 181,881 |  |  | $ | - |
Permanent differences |  | $ | 1,384,635 |  |  | $ | 360 |
State taxes |  | $ | (31,629 | ) |  | $ | (11,594 | )
Income tax (expense) income |  | $ | 5,100 |  |  | $ | (39 | )
The decrease in the Company's effective tax rate in the previous years was primarily attributable to The Tax Cuts and Jobs Act (the “Act”), which was enacted on December 22, 2017. The Act reduces the U.S. federal corporate income tax rate from 34% to 21%. The most significant impact of the legislation for the Company was a $181,881 reduction of the value of net deferred tax assets (which represent future tax benefits) as a result of lowering the U.S. corporate income tax rate from statutory rate of 34% to 21%. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Significant components of the Company's deferred tax assets and liabilities consist of the following:
|  | 12/31/2017 |  |  | 12/31/2016 |
US |  |  |  |  |  |
Net operating loss carry forward |  | $ | 399,115 |  |  | $ | 329,848 |
Greece |  |  |  |  |  |  |  |
Net operating loss carry forward |  |  | 53,177 |  |  |  | 176,443 |
Cyprus |  |  |  |  |  |  |  |
Net operating loss carry forward |  |  | 11,274 |  |  |  | 11,052 |
United Kingdom |  |  |  |  |  |  |  |
Net operating loss carry forward |  |  | 50,772 |  |  |  | 11,052 |
Total deferred tax asset |  |  | 514,338 |  |  |  | 517,343 |
Valuation allowance |  |  | (514,338 | ) |  |  | (517,343 | )
Deferred tax asset, net |  | $ | - |  |  | $ | - |
At December 31, 2017, the Company had U.S. net operating loss carry forwards of approximately $1,504,390 that may be offset against future taxable income, subject to limitation under IRC Section 382, which begin to expire in 2031. At December 31, 2017, the Company had Greece net operating loss carry forwards of approximately $183,369 that may be offset against future taxable income which begin to expire in 2019. At December 31, 2017, the Company had United Kingdom net operating loss carry forwards of approximately $406,172 that may be offset against future taxable income part or all of which may not be available to offset our future taxable income in the United Kingdom should there be a change in the nature or conduct of our business in the United Kingdom within the three years subsequent to the date of our acquisition of Decahedron. During the period ending December 31, 2017, the Company generated Cyprus net operating loss carry forwards of $90,194 which may be carryforward for five (5) years. The Company does not anticipate to generate taxable income in Cyprus in excess of its Cyprus net operating losses. No tax benefit has been reported in the December 31, 2017 or 2016 consolidated financial statements due to the uncertainty surrounding the realizability of the benefit, based on a more likely than not criteria and in consideration of available positive and negative evidence. The Company asserts that it will indefinitely reinvest the unremitted earnings and profits generated by Amplerissimo, its Cyprus subsidiary, in 2015. Accordingly, no U.S. deferred tax liability has been established for the unremitted earnings and profits generated in Cyprus. The Company applied the "more-likely-than-not" recognition threshold to all tax positions taken or expected to be taken in a tax return, which resulted in no unrecognized tax benefits as of December 31, 2017 and December 31, 2016, respectively. The Company has elected to classify interest and penalties that would accrue according to the provisions of relevant tax law as interest and other expense, respectively. As of December 31, 2017 the Company has accrued approximately $86,409 in other expense. The Company's tax years since inception through 2017 remain open to examination by most taxing authorities. Taxes payable are $1,358,789 and $1,080,590 as of December 31, 2017 and December 31, 2016, respectively.

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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