Quarterly report pursuant to Section 13 or 15(d)

Income Tax Provisions

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Income Tax Provisions
3 Months Ended
Mar. 31, 2017
Income Tax Provisions [Abstract]  
Income Tax Provisions

Note 13 – Income Tax Provisions

 

Management of the Company considers the likelihood of changes by tax authorities in its filed income tax returns and recognizes a liability for or discloses potential significant changes that management believes are more likely than not to occur upon examination by tax authorities. Management has not identified any uncertain tax positions in income tax returns filed that require recognition or disclosure in the accompanying financial statements. The Company’s income tax returns for the past three years are subject to examination by tax authorities, and may change upon examination.

 

For financial reporting purposes, for the three months ending March 31, 2017 and 2016, income before income taxes includes the following components:

 

    March 31, 2017     March 31, 2016  
United States   $ (403,764 )   $ 231,637  
Foreign     -       -  
Total   $ (403,764 )   $ 231,637  

                 

The expense (benefit) for income taxes consist of:

 

Current:   2017     2016  
Federal   $ -     $ -  
State   $ -     $ -  
Foreign   $ -     $ -  
Total   $ -     $ -  
Deferred and other:                
Federal   $ -     $ -  
State   $ -     $ -  
Foreign   $ -     $ -  
    $ -     $ -  
Total tax expense   $ -     $ -  

 

The Company had net operating loss carryforwards of $2,025,295 available at December 31, 2016 and has recorded a deferred tax asset of $718,980 reflecting the benefit of the loss carryforwards. Such deferred tax assets will expire in years 2034 through 2035.