Annual report pursuant to Section 13 and 15(d)

PROVISION FOR INCOME TAXES (Tables)

v3.19.1
PROVISION FOR INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of income tax rate reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

    2018     2017  
Net operating loss carryforwards     23.9 %     23.9 %
State taxes, net of federal benefit     5.0 %     5.0 %
Federal research and development tax credit     0.3 %     0.3 %
Other     4.5 %     4.5 %
Change in deferred tax asset valuation allowance     (33.7 )     (33.7 )%
Effective income tax rate     0.0 %     0.0 %
Schedule of deferred tax assets

Net deferred tax assets as of December 31, 2018 and 2017 consisted of the following:

 

    2018     2017  
Net operating loss carryforwards   $ 4,964,400     $ 4,175,600  
Tax credit carryforwards     112,200       103,100  
Non-qualified stock options     832,000       790,100  
Gross deferred tax assets     5,908,600       5,068,800  
Valuation allowance     (5,908,600 )     (5,068,800 )
Net deferred tax assets   $     $