Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2017
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 effective tax rate is as follows:

 

    For the Year Ended     For the One Month       For the Eleven Months  
    December 31,     Ended December 31,       Ended November 30,  
    2017     2016       2016  
    Successor     Successor       Predecessor  
               
Statutory U.S. federal rate     21.0 %     34.0 %       34.0 %
State income tax, net of federal benefit     7.0 %     5.9 %       5.9 %
Permanent differences     (1.8 )%     (12.5 )%       (3.7 )%
Valuation allowance     (26.2 )%     (27.4 )%       (36.2 )%
                           
Provision for income taxes     0.0 %     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,   December 31,   December 31,
    2017   2016   2015
    Successor   Predecessor   Predecessor
             
Deferred tax assets:                        
Net operating loss carry forwards   $ 1,548,763     $ 913,278     $ 925,907  
Stock based compensation     1,117,072       —       —  
Valuation allowance     (2,665,835 )     (913,278 )     (925,907 )
                         
    $ —     $ —     $ —