Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.3.1.900
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of reconciliation of the statutory income tax rates and effective tax rate

A reconciliation of the statutory income tax rates and the Company’s effective tax rate is as follows: 

 

    For the Year Ended December 31,  
    2015     2014  
             
Statutory U.S. federal rate     34.0 %     34.0 %
State income tax, net of federal benefit     5.9 %     5.9 %
Permanent differences     (0.1 )%     (0.8 )%
Valuation allowance     (39.8 )%     (39.1 )%
                 
Provision for income taxes     0.0 %     0.0 %
Schedule of deferred tax assets

The tax effects of the temporary differences and carry forwards that give rise to deferred tax assets consist of the following:

 

    December 31,  
    2015     2014  
             
Deferred tax assets:                
Net operating loss carry forwards   $ 698,455     $ 183,185  
Stock based compensation     621,464       64,875  
Valuation allowance     (1,319,919 )     (248,060 )
                 
    $ -     $ -