Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

9.

Income Taxes

There is no provision for income taxes for the year ended December 31, 2016 due to the availability of net operating loss carryforwards. There is no income tax benefit for the year ended December 31, 2015 due to the availability of net operating loss carryforwards (“NOL’s”) for which the Company had previously established a 100% valuation allowance for deferred tax assets due to the uncertainty of their recoverability. At December 31, 2016 and December 31, 2015, the Company had NOL’s approximating $4,585,000 and $4,627,000, respectively. The operating losses at December 31, 2016 are available to offset future taxable income; however, if not utilized, they expire in varying amounts through the year 2032. The utilization of these NOL’s to reduce future income taxes will depend on the generation of sufficient taxable income prior to their expiration. There were no material temporary differences for the years ended December 31, 2016 and December 31, 2015. The Company has established a 100% valuation allowance of approximately $1,926,000 and $1,943,000 at December 31, 2016 and December 31, 2015, respectively, for the deferred tax assets due to the uncertainty of their realization.

The Company has adopted the provisions of FASB ASC 740-10-50-15, “Unrecognized Tax Benefit Related Disclosures.” There were no unrecognized tax benefits as of the date of adoption and no unrecognized tax benefits at December 31, 2016. There was no change in unrecognized tax benefits during the year ended December 31, 2016 and there was no accrual for uncertain tax positions as of December 31, 2016.

There were no interest and penalties recognized in the statement of operations and in the balance sheet. Tax years from 2012 through 2016 remain subject to examination by U.S. federal and state tax jurisdictions.