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Note 9 - Taxes
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Note 9 - Taxes

NOTE 9 — Taxes

 

The Tax Cuts and Jobs Act of 2017, effective on January 1, 2018, eliminates alternative minimum taxes and lowers the U.S. federal corporate income tax from 34% to 21%. Net loss in the three and nine months ended September 30, 2018 resulted in a setup of additional deferred tax assets with a 20- year expiration. Net operating loss carryforwards do not begin expiring until the end of 2023 if not used. The Company expects a return to profitable operating results and full utilization of the NOL benefits. In the three and nine months ended September 30, 2018, the Company recorded deferred tax benefits of $17,582 and $151,216, respectively. In the same periods one year ago, the Company recorded income tax expenses of $340,765 and $980,754, respectively.