Annual report pursuant to Section 13 and 15(d)

Income Taxes

v3.8.0.1
Income Taxes
12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Note 9 - Income Taxes

The Company has estimated net operating losses for the years ended December 31, 2017 and 2016 of $12.3 million and $11.0 million, respectively, available to offset taxable income in future years.

  

The significant components of deferred income taxes and assets as at December 31, 2017 are as follows:

 

Net deferred tax liability  

2017

$

   

2016

$

 
Excess of tax over book depreciation and amortization     -       -  
Prepaid expenses     -       -  
Allowance for doubtful accounts     -       -  
Accrued expenses     1,154       -  
Stock-based compensation     -       -  
Net Operating Losses carry-forward     11,156,839       8,806,016  
Research and development tax credits     -       -  
Gross deferred tax assets     11,157,993       8,806,016  
Valuation allowance     (11,157,993 )     (8,806,016 )
                 
Net deferred tax asset     -       -  

 

Summary Rate Reconciliation    

2017

%

 
Federal statutory rate     35.0  
State income taxes, net of federal benefit     0.0  
Permanent Differences     0.1  
Stock based compensation     (5.8 )
Federal Research & Development Credits     0.0  
Foreign taxes     (3.1 )
Federal Deferred Rate Decrease     (10.3 )
Increase/(decrease) in valuation reserve     (15.9 )
Total     0.0