Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Deferred Tax Liabilities

Significant items making up the deferred tax assets and deferred tax liabilities as of December 31, 2016 and 2015 are as follows:

 

    2016     2015  
Current deferred taxes                
Inventories   $ 7,856     $ 19,640  
Accounts receivable allowance     17,253       -  
Other accruals     33,399       23,714  
Less: valuation allowance     (58,508 )     (43,354 )
Total current deferred tax assets   $ -     $ -  
Long term deferred taxes:                
Accelerated tax depreciation   $ 14,582     $ 14,134  
Non-cash, stock-based compensation, nonqualified     711,676       562,426  
Impairment loss on investment     146,782       -  
Goodwill and intangibles     -       -  
Operating loss carry forwards and tax credits     13,561,012       12,028,900  
Less: valuation allowance     (14,434,052 )     (12,605,460 )
Total long term deferred tax assets (liabilities), net     -       -  
Total net deferred tax liabilities   $ -     $ -  

Schedule of Effective Income Tax (Benefit) Provision Rate

Our effective income tax (benefit) provision rate was different than the statutory federal income tax (benefit) provision rate as follows for the years ended December 31:

 

    2016     2015  
Federal tax provision rate     34 %     34 %
Permanent differences     24 %     (12 )%
State tax expense     0 %     0 %
Refundable AMT and R&D tax credit     0 %     0 %
Net operating loss carry back     0 %     0 %
Valuation allowance     (58 )%     (23 )%
Effective income tax provision     0 %     0 %