Annual report pursuant to Section 13 and 15(d)

NOTE 12 - INCOME TAXES (Tables)

v3.19.1
NOTE 12 - INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The effective rate differs from the statutory rate of 21% as of December 31, 2018 and 34% as of December 31, 2017 due to the following:

   

2018

   

2017

 

Statutory rate on pre-tax book loss

    (21.00

)%

    (34.00

)%

(Gain) loss on change in fair value of derivatives

    -

%

    (0.56

)%

Stock based compensation

    8.25

%

    12.72

%

Fair value of warrant to acquire research and development

    -

%

    1.46

%

Other

    0.04

%

    0.09

%

Valuation allowance

    12.71

%

    20.29

%

      0.00

%

    0.00

%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The Company’s deferred taxes as of December 31, 2018 and 2017 consist of the following:

   

2018

   

2017

 

Non-Current deferred tax asset:

               

 Net operating loss carry-forwards

  $ 7,200,000     $ 8,200,000  

 Valuation allowance

    (7,200,000

)

    (8,200,000

)

 Net non-current deferred tax asset

  $ -     $ -