Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  

The Company has incurred net losses since inception. As of December 31, 2018, the Company had federal net operating loss carryforwards of approximately $3,450,000, which will be available to be carried forward indefinitely and federal net operating loss carryforwards of approximately $67,596,000, which at the latter date may be carried forward for tax years ending through December 31, 2037. Utilization of NOL carryforwards may be limited under various sections of the Internal Revenue Code depending on the nature of the Company’s operations. The Company’s income tax returns are subject to examination by the Internal Revenue Service and applicable state taxing authorities, generally for a period of three years from the date of filing.


Deferred taxes comprise the following as of December 31, 2018 and December 31, 2017:



    December 31,     December 31,  
    2018     2017  
Deferred Income Tax Assets    13,779,000       13,328,000  
Valuation Allowance   (13,779,000     (13,328,000 )
Net Deferred Tax Asset           -  
Reconciliation of the effective income tax rate to the federal statutory rate:              
Federal Income Tax Rate    21     21 %
Change in valuation allowance including the effect of the rate change    -21     -21 %
Effective income tax rate    0     0 %