|12 Months Ended|
Dec. 31, 2018
|Notes to Financial Statements|
|Note 9 - Income Taxes||
The Company has estimated net operating losses for the years ended December 31, 2018 and 2017 of approximately $15.2 million and $12.3 million, respectively, available to offset taxable income in future years. On December 22, 2017, a tax reform bill was signed into law that decreased the U.S. Federal corporate income tax rate to 21%. As a result, the deferred income tax benefit relating to the Company’s net operating loss carry forward was reduced by approximately $2.0 million; however, the Company’s net deferred tax assets of $0 was not impacted as a result of this new tax rate.
The significant components of deferred income taxes and assets as at December 31, 2018 are as follows:
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef