Annual report pursuant to Section 13 and 15(d)

4 Income Taxes

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4 Income Taxes
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

(4)  Income Taxes

 

Income taxes consist of the following:

 

Provision for taxes            
    2015     2014  
Deferred:            
Federal   $ -     $ 362  
State     -       95  
     Total deferred     -       457  
                 
Income tax expense (benefit)   $ -     $ 457  
                 

 

             
Deferred taxes consists of:            
    December 31,  
    2015     2014  
 Deferred tax assets (Liabilities):            
             
 Prepaid Expenses   $ (281 )   $ (1,634 )
 Fixed Assets     639       (86 )
 Net operating loss and other carryforwards     22,490       10,914  
 Total deferred tax asset / (Liability) net     22,848       9,194  
                 
 Total deferred tax assets / (Liabilities)     22,848       9,194  
 Valuation allowance     (22,848 )     (9,194 )
 Net deferred tax assets / (Liabilities)   $ -     $ -  
                 
The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal          
income tax rate of 15% to income or loss before income taxes as follows for the years ended:                
                 
      2015       2014  
                 
U.S. federal income tax expense\(benefit) at statutory rates   $ (9,881 )   $ (6,922 )
State income tax expense\(benefit), net of federal impact     (2,595 )     (1,815 )
Change in valuation allowance     12,476       9,194  
    $ -     $ 457  
                 
                 
Reconciliation of change in the net deferred tax assets and liabilities:                
                 
      2015          
Net change in deferred income tax assets and liabilities from the preceeding table:   $ -          
Net change in deferred income tax assets and liabilities associated with Other Comprehensive Income     -          
                 
Deferred income tax provision for the period     -