NOTE 10 - INCOME TAXES
For the year ended December 31, 2016, the cumulative net operating loss carry-forward from continuing operations is approximately $18,315,368 at December 31, 2016, and will expire beginning in the year 2030.
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of December 31, 2016 and 2015:
|
|
| 2016 | 2015 | |||
| Deferred tax asset attributable to: |
|
| ||||
| Net operating loss carryover |
| $ | 6,234,025 | $ | 5,569,019 | |
| Valuation allowance |
| (6,234,025) | (5,569,019) | |||
| Net deferred tax asset |
| $ | -- | $ | -- | |
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $18,335,368 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.