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Schedule of Income Tax Benefit (Tables)

v2.4.1.9

Schedule of Income Tax Benefit (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income Tax Benefit (Tables):

Schedule of Components of provision (benefit) for income taxes

The provision (benefit) for income taxes for the years ended December 31, 2014 and 2013 consist of the following:

	2014	2013
Current:
Federal	$ 35,020	$ -
State	800	800
	35,820	800
Deferred:
Federal	359,106	68,700
State	157,851	17,800
Change in valuation	(516,957)	(86,500)
Total provision (benefit)	$ 35,820	$ 800

Schedule of Effective Income Tax Rate Reconciliation

The income tax provision (benefit) differs from the amount computed by applying the US federal income tax rate of 34% to net income (loss) before income taxes for the years ended December 31, 2014 and 2013 as a result of the following:

	2014	2013
Net income (loss) before taxes	$ (465,126)	$ (258,784)
US federal income tax rate	34%	34%

Computed expected tax provision (benefit)	(158,143)	(87,987)
Permanent differences and other	(167,038)	1,487
WCI net operating losses at January 1, 2014 included in change in valuation allowance	(616,994)	-
Change in valuation	976,100	86,500
Federal income tax provision	$ 33,925	$ -

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred income tax assets as of December 31, 2014 and 2013 after applying enacted corporate income tax rates are as follows:

	2014	2013

Net Operating Losses carried forward	$ 1,639,800	$ 241,300
Deferred revenue and other	68,200	267,600
Valuation allowance	(1,708,000)	(508,900)
	$ -	$ -

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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