Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2015
Income Taxes Tables  
Schedule of net deferred tax assets

The principal components of the net deferred tax assets are as follows:

 

    Year Ended  
    December 31,  
    2015     2014  
             
Deferred tax assets:            
Net operating loss carryforwards   $ 6,819,000     $ 8,454,000  
Options and warrants not yet deducted, for tax purposes     419,000       420,000  
      7,238,000       8,874,000  
                 
Valuation allowance     (2,280,000 )     (4,131,000 )
                 
Net deferred tax assets   $ 4,958,000     $ 4,743,000  
Schedule of reconciliation between federal income tax rate to income before income taxes

The reconciliation between the taxes as shown and the amount that would be computed by applying the statutory federal income tax rate to the income before income taxes is as follows:

 

    Year Ended
    December 31,
    2015     2014  
             
Income tax - statutory rate     34.0 %     34.0 %
State and local, net     1.16 %     1.00 %
Other – Net     1.82 %     —  
Change in Valuation allowance on deferred tax assets     (40.06 )%     0 %
      (3.08 )%     35.00 %