Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016 are as follows:

 

    2017     2016  
Long term deferred taxes:                
Inventories   $ 49,067     $ 7,856  
Accounts receivable allowance     -       17,253  
Other accruals     75,992       33,399  
Accelerated tax depreciation     6,945       14,582  
Non-cash, stock-based compensation, nonqualified     606,020       711,676  
Impairment loss on investment     103,748       146,782  
Goodwill and intangibles     -       -  
Operating loss carry forwards and tax credits     12,196,765       13,561,012  
Less: valuation allowance     (13,038,537  )      (14,492,560 )
Total net deferred tax assets   $ -     $ -

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:

 

    2017     2016  
Federal tax provision rate     35 %     34 %
Permanent differences     (0 )%     24 %
State tax expense     0 %     0 %
Refundable AMT and R&D tax credit     0 %     0 %
Net operating loss carry back     0 %     0 %
Valuation allowance     (35 )%     (58 )%
Effective income tax provision     0 %     0 %