Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

 

    December 31, 2016     December 31, 2015  
             
Net operating loss carry-forwards   $ 3,497,359     $ 2,640,747  
Share based compensation     1,579,081       655,484  
Amortization of intangible assets     535,158       576,150  
Accrued officers compensation     121,017       35,325  
State taxes     (356,157 )     (231,259 )
Less: Valuation allowance     (5,376,458 )     (3,676,447 )
Deferred tax assets, net   $ -     $ -  

Schedule of Provision of Income Taxes

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes were as follows:

 

    December 31, 2016     December 31, 2015  
             
Statutory federal income tax rate     34.0 %     34.0 %
State taxes, net of federal benefit     5.9 %     6.4 %
Non-deductible items     -0.1 %     -0.1 %
Change in valuation allowance     -39.8 %     -40.3 %
      0.0 %     0.0 %