General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes

The Company is subject to U.S. Federal and state income taxes. The provision (benefit) for income taxes for the tax years ended December 31, 2017 and 2016 are as follows:

 

    Years Ended December 31,  
    2017     2016  
Current:                
Federal   $ -     $ -  
State     -       -  
Total current     -       -  
                 
Deferred:                
Federal     (116,783 )     -  
State     (50,004 )     -  
Total deferred tax benefit     (166,787 )     -  
Valuation allowance     166,787       -  
Net deferred tax benefit     -       -  
                 
Total tax provision (benefit)   $ -     $ -  

Schedule of Deferred Tax Assets

    December 31, 2017     December 31, 2016  
Deferred Tax Assets:                
Non-current                
Net operating loss carry forward - Federal   $ 49,822     $ -  
Net operating loss carry forward - State     21,333       -  
Start-up expenditures and amortization     95,632       -  
Total non-current deferred tax assets     166,787       -  
Valuation allowance for deferred tax assets     (166,787 )     -  
Total deferred tax assets   $ -     $ -  

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s effective income tax rate and statutory income tax rate at December 31, 2017 and 2016 is as follows:

 

    December 31, 2017     December 31, 2016  
Federal statutory income tax rate     34.00 %     0.00 %
State tax rate, net     5.45 %     0.00 %
Permanent differences     -0.02 %     0.00 %
Impact of change in federal income tax rates     -11.92 %     0.00 %
Deferred tax asset valuation allowance     -27.51 %     0.00 %
Effective income tax rate     0.00 %     0.00 %