Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.7.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of reconciliation of the statutory income tax rates and effective tax rate

A reconciliation of the statutory income tax rates and the effective tax rate is as follows:

 

    For the One
Month Ended
December 31,		     For the Eleven
Months Ended
November 30,		     For the Year
Ended
December 31,		  
    2016     2016     2015  
    Successor     Predecessor     Predecessor  
                   
Statutory U.S. federal rate     34.0 %     34.0 %     34.0 %
State income tax, net of federal benefit     5.9 %     5.9 %     5.9 %
Permanent differences     (8.3 )%     (2.8 )%     (2.1 )%
Valuation allowance     (31.6 )%     (37.1 )%     (37.8 )%
                         
Provision for income taxes     0.0 %     0.0 %     0.0 %
Schedule of deferred tax assets

The tax effects of the temporary differences and carry forwards that give rise to deferred tax assets consist of the following:

 

    December 31,     December 31,  
    2016     2015  
    Successor     Predecessor  
             
Deferred tax assets:                
Net operating loss carry forwards   $ 1,161,751     $ 1,071,043  
Stock based compensation     1,043,626       -  
Valuation allowance     (2,205,377 )     (1,071,043 )
    $ -     $ -