INCOME TAXES

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 12 – INCOME TAXES

As of December 31, 2017, and 2016, the Company had net operating loss carryforwards of approximately $4,866,788 and $139,512 which will expire beginning at the end of 2036. A valuation allowance has been provided for the deferred tax asset as it is uncertain whether the Company will have future taxable income.

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act reduces the corporate tax rate to 21% effective January 1, 2018. Consequently, we have recorded an adjustment to the deferred tax provision for the year ended December 31, 2017.

Reconciliation of the benefit (expense) for income taxes with amounts determined by applying the statutory federal income rate of 34% in 2017 and 2016 to the respective losses before income taxes is as follows:

	2017			2016
Net (Loss)	$	(5,788,901	)	$	(155,024	)
Benefit (expense) for income taxes computed using  the statutory rate of 34%		1,968,226			52,708
Non-deductible expense		(360,952	)		(5,274	)
Re-measurement of deferred income taxes due to tax reform		(632,683	)	$	-
Change in valuation allowance		(974,591	)		(47,434	)
Provision for income taxes	$	-		$	-

Significant components of the Company's deferred tax liabilities and assets at December 31, 2017 and 2016 are as follows:
		2017			2016
Total deferred tax assets – net operating losses	$	1,022,025		$	47,434
Deferred tax liabilities		-			-
Net deferred tax assets		1,022,025		$	47,434
Valuation allowance	$	(1,022,025	)	$	(47,434	)
	$	-		$	-

At December 31, 2017, net operating loss("NOL") carry forwards expiring through 2037 were as follows:
Expiring December 31,
2036	$	139,512
2037		4,727,276
	$	4,866,788

Tax years 2017 and 2016 remain subject to Internal Revenue Service audit.