Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.19.1
Income Tax (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense

Income tax expense for the years ended December 31, 2018 and 2017 is summarized as follows.

 

    December 31, 2018     December 31, 2017  
Deferred:                
Federal   $ (2,720,081 )   $ (700,557 )
State     (904,569 )     (327,051 )
Change in valuation allowance     3,624,650       1,027,608  
Income tax expense (benefit)   $ -     $ -  

Schedule of Reconciliation of the Provision for Income Taxes at the U.S. Federal Income Tax Rate

The following is a reconciliation of the provision for income taxes at the U.S. federal income tax rate to the income taxes reflected in the Statement of Operations:

 

    December 31, 2018     December 31, 2017  
Book income (loss)     21.00 %     34.00 %
State taxes     6.98 %     5.83 %
Change in the fair value of warrant derivative     -14.51 %     -  
Other permanent items     -0.36 %     -2.25 %
Enactment of Tax Cuts and Jobs Act     0.00 %     -20.29 %
Valuation allowance     -13.11 %     -17.30 %
Tax expense at actual rate     -       -  

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows:

 

    December 31, 2018     December 31, 2017  
Deferred tax assets:                
Net operating loss carryforward   $ 6,357,768     $ 2,874,380  
Other     225,935       84,673  
Total gross deferred tax assets     6,583,703       2,959,053  
Less: valuation allowance     (6,583,703 )     (2,959,053 )
Net deferred tax assets   $ -     $ -