INCOME TAXES |
12 Months Ended |
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Dec. 31, 2016 | |
| INCOME TAXES: | |
| INCOME TAXES |
NOTE 12 - INCOME TAXES
At December 31, 2016 the Company had available net-operating loss carry-forwards for Federal tax purposes of approximately $39,732,000, which may be applied against future taxable income, if any, at various dates from 2016 through 2036. Certain significant changes in ownership of the Company may restrict the future utilization of these tax loss carry-forwards.
At December 31, 2016 the Company had a deferred tax asset of approximately $15,893,000 representing the benefit of its net operating loss carry-forwards. The Company has not recognized the tax benefit because realization of the tax benefit is uncertain and thus a valuation allowance has been fully provided against the deferred tax asset. The difference between the Federal and State Statutory Rate of 40% and the Company’s effective tax rate of 0% is due to an increase in the valuation allowance of approximately $3,693,000 in 2016.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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