Annual report pursuant to Section 13 and 15(d)

INCOME TAX (Tables)

v3.5.0.1
INCOME TAX (Tables) - Restated [Member]
 12 Months Ended
Dec. 31, 2015
Schedule of Net deferred tax assets

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

 

    2015   2014
Deferred Tax Assets:        
NOL Carryover $  1,137,400 $  1,478,500
Related party accrual   1,300   1,600
      Product returns & allowance   230,100   -
      Payroll accrual   88,400   32,700
Deferred tax liabilities:        
      Depreciation   3,600   (4,800)
Less valuation allowance   (1,460,800)   (1,508,000)
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:

 

    2015   2014
Book loss  $ (3,529,400)  $ (672,500)
Meals and entertainment   4,600   1,400
Depreciation   11,300   (7,400)
Product returns & allowance   252,800   -
Other nondeductible expenses   2,921,400   182,900
Related party accruals   (400)   (11,100)
Accrued payroll   58,900   (7,400)
Valuation allowance   280,800   514,100
   $ -  $ -