v3.8.0.1

Income Taxes | 12 Months Ended
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Dec. 31, 2017
Income Taxes [Abstract] |
INCOME TAXES | NOTE 10 – INCOME TAXES For the year ended December 31, 2017, the Company incurred a net loss of $1,483,017. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $17,644,000 at December 31, 2017, and will expire beginning in the year 2020. The provision for taxes on income from operations for the years ended December 31, 2017 and 2016 consisted of the following:
|  | 2017 |  | 2016
Expense (benefit) at Federal statutory rate – 34% |  | $ | (504,560 | ) |  | $ | (345,780 | )
State tax effects, net of Federal taxes |  |  | (2,535 | ) |  |  | (1,737 | )
Nondeductible expenses |  |  | 1,898 |  |  |  | 1,777 |
Deferred tax asset valuation allowance |  |  | 505,197 |  |  |  | 345,740 |
Income tax expense |  | $ | — |  |  | $ | — |
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of December 31, 2017 and 2016:
|  | 2017 |  | 2016
Net operating loss carry-forward |  | $ | 4,448,400 |  |  | $ | 2,828,708 |
Valuation allowance |  |  | (4,448,400 | ) |  |  | (2,828,708 | )
Net deferred tax asset |  | $ | — |  |  | $ | — |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance has been recorded primarily related to tax benefits associated with income tax operating loss carry-forwards. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of the deferred tax asset that is realizable. At December 31, 2017, the Company had available net operating loss carry-forwards of approximately $17,644,000 for federal income tax purposes that have a range of expiration dates beginning in the year of 2020 and extending through the year of 2037. The federal carryforwards resulted from losses generated in 1996 through 2002, 2005, 2006, 2008, 2009, 2010, 2012, 2013, 2014, 2015, 2016 and 2017. The Company adopted the provisions of ASC 740 as of January 1, 2007, and has analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the U.S. Federal, Nebraska, and Florida as our “major” tax jurisdictions. The Company believes that its income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740. In addition, the Company did not record a cumulative effect adjustment related to the adoption of ASC 740. The Company’s policy for recording interest and penalties associated with income-based tax audits is to record such items as a component of income taxes. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act decreases the U.S. corporate federal income tax rate from a maximum of 35% to a flat 21% effective January 1, 2018. The impact of the re-measurement on the Corporation’s net deferred tax asset, as of December 31, 2017, was an approximately $580,000 decrease in deferred tax assets, with a corresponding decrease in the Company’s valuation allowance, and no impact on income tax expense. The Act also includes a number of other provisions including, among others, the elimination of net operating loss carrybacks and limitations on the use of future losses, the repeal of the Alternative Minimum Tax regime and the repeal of the domestic production activities deduction. These provisions are not expected to have a material effect on the Company.

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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 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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