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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Income tax reconciliation
Income tax benefit reconciled to tax calculated at statutory rates is as follows:
 
 
2017
 
2016
 
Federal tax (benefit) on consolidated net loss at statutory rate
 
$
(855,136)
 
$
(2,734,067)
 
Change in valuation allowance
 
 
(3,419,114)
 
 
38,090
 
Add back tax benefit on loss attributable to non-controlling interest in subsidiary
 
 
––
 
 
396,415
 
Book loss related to joint venture deconsolidation
 
 
––
 
 
900,910
 
Basis limited on joint venture loss
 
 
––
 
 
429,450
 
Basis difference related to investment in joint venture
 
 
(110,114)
 
 
705,500
 
Return to provision
 
 
(1,037,754)
 
 
––
 
Discrete due to joint venture deconsolidation
 
 
––
 
 
245,854
 
Federal rate change true-up
 
 
5,421,298
 
 
––
 
Other
 
 
820
 
 
17,848
 
Benefit for income taxes, net
 
$
––
 
$
––
 
Deferred taxes
At December 31, 2017 and 2016, the components of the Company’s deferred taxes are as follows:
 
 
 
2017
 
2016
 
Deferred tax assets (liabilities)
 
 
 
 
 
 
 
Net operating loss carryforwards
 
$
8,162,123
 
$
11,956,967
 
Accrued compensation
 
 
31,844
 
 
35,249
 
Depreciation
 
 
42,688
 
 
46,975
 
Section 263a inventory adjustment
 
 
29,171
 
 
43,787
 
Stock-based compensation
 
 
688,148
 
 
765,928
 
Outside basis difference in joint venture
 
 
(224,725)
 
 
(705,500)
 
Other
 
 
28,232
 
 
33,189
 
Total
 
 
8,757,481
 
 
12,176,595
 
Less: Valuation allowance
 
 
(8,757,481)
 
 
(12,176,595)
 
Net deferred tax asset
 
$
––
 
$
––
 
Operating loss tax carryforwards
The Company has the following net operating loss tax carryforwards available at December 31, 2017:
 
Year of Expiration
 
Net Operating 
Losses
 
2018
 
$
1,425,000
 
2019
 
 
1,234,000
 
2020
 
 
2,849,000
 
2021
 
 
4,168,000
 
2023
 
 
1,217,000
 
2024
 
 
646,000
 
2025
 
 
589,000
 
2026
 
 
873,000
 
2027
 
 
2,607,000
 
2028
 
 
2,512,000
 
2029
 
 
2,196,000
 
2030
 
 
1,232,000
 
2031
 
 
1,028,000
 
2032
 
 
437,000
 
2033
 
 
37,000
 
2034
 
 
6,409,000
 
2035
 
 
3,093,000
 
2036
 
 
4,995,000
 
2037
 
 
1,320,000
 
Total
 
$
38,867,000