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Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

Note 9. INCOME TAXES

The Company recorded no Federal income tax benefit for the three months ended March 31, 2019. A tax benefit of approximately $340,000 and $407,000 would have been recorded for the three months ended March 31, 2019 and 2018, respectively, had there not been a full valuation allowance recorded against incremental deferred tax assets created during those periods. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company’s annual earnings and taxing jurisdictions in which the earnings will be generated, the impact of state and local income taxes, the ability to use tax credits and net operating loss carry forwards, and available tax planning alternatives. As of March 31, 2019 and December 31, 2018, the Company provided a valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized.

The provision for (benefit from) income taxes as of March 31, is set forth below:

		2019				2018
		(unaudited)				(unaudited)
Current
Federal		$	—			$	—
State			—				—
Prior Year Under accrual
Federal			—				—
State			—				—
Total Current Expense			—				—
Deferred Tax Benefit			(340,000	)			(407,000	)
Valuation Allowance			340,000				407,000
Net Provision for (Benefit from) Income Taxes		$	—			$	—

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- References

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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

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