Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v2.4.1.9
INCOME TAX (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Tables  
Schedule of Net deferred tax assets

Net deferred tax assets consist of the following components as of December 31:

 

    2014   2013
Deferred Tax Assets:        
NOL Carryover $  1,478,500 $  964,700
Related party accrual   1,600   -
      Depreciation   (4,800)   2,600
      Payroll accrual   32,700   40,100
Deferred tax liabilities:        
Less valuation allowance   (1,508,000)   (1,007,400)
Net deferred tax assets  $ -  $                   -
           
Schedule of effective income tax rate

The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the period ended December 31, due to the following:

 

    2014   2013
Book Income (loss)  $ (672,500)  $ (532,000)
Meals and entertainment   1,400   4,900
Depreciation   (7,400)   1,800
Other nondeductible expenses   182,900   34,500
Related party accruals   (11,100)   (2,100)
Accrued payroll   (7,400)   (173,200)
Valuation allowance   514,100   666,100
   $ -  $ -