Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Apr. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Medicine Man Technologies, Inc. | |
Entity Central Index Key | 1,622,879 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 12,272,612 | |
Entity Common Stock, Shares Outstanding | 10,092,500 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 262,146 | $ 54,510 |
Accounts receivable | 83,739 | 0 |
Note receivable - affiliate | 0 | 253,123 |
AFS Securities | 40,000 | 0 |
Prepaid Expense | 29,137 | 0 |
Prepaid Rent | 9,584 | 0 |
Total current assets | 424,606 | 307,633 |
Non-current assets | ||
Property and equipment, net | 48,119 | 0 |
Intangible Assets: License Agreement, net | 4,240 | 4,770 |
Total non-current assets | 52,359 | 4,770 |
Total assets | 476,965 | 312,403 |
Current liabilities | ||
Accounts payable | 8,715 | 18,500 |
Accrued tax and other liabilities | 13,200 | 4,327 |
Total current liabilities | 21,915 | 22,827 |
Total liabilities | $ 21,915 | $ 22,827 |
Commitments and Contingencies, note 5 | ||
Shareholders' equity | ||
Preferred stock $0.001 par value, 10,000,000 authorized, none issued and outstanding at December 31, 2015 or 2014 | $ 0 | $ 0 |
Common stock $0.001 par value, 90,000,000 authorized, 9,972,500 and 9,840,000 were issued and outstanding December 31, 2015 and December 31, 2014, respectively | 9,973 | 9,840 |
Additional paid-in capital | 399,282 | 309,690 |
Accumulated other comprehensive (loss) | (10,000) | 0 |
Accumulated equity | 55,795 | (29,954) |
Total Shareholders' equity | 455,050 | 289,576 |
Total liabilities and stockholders' equity | $ 476,965 | $ 312,403 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock authorized | 10,000,000 | 10,000,000 |
Preferred stock par value | $ .001 | $ .001 |
Preferred stock issued | 0 | 0 |
Preferred stock outstanding | 0 | 0 |
Common stock authorized | 90,000,000 | 90,000,000 |
Common stock par value | $ .001 | $ .001 |
Common stock issued | 9,972,500 | 9,840,000 |
Common stock outstanding | 9,972,500 | 9,840,000 |
Statements of Comprehensive (Lo
Statements of Comprehensive (Loss) and Income - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenues | ||
Licensing Fees | $ 766,957 | $ 251,891 |
Seminar Fees | 68,820 | 0 |
Total revenue | 835,777 | 251,891 |
Cost of services | 209,745 | 72,000 |
Gross profit | 626,032 | 179,891 |
Operating expenses | ||
General and administrative | 440,157 | 138,916 |
Stock based compensation expense | 79,725 | 54,230 |
Advertising | 15,997 | 15,495 |
Total operating expenses | 535,879 | 208,641 |
Income from operations | 90,153 | (28,750) |
Other income/expense | ||
Interest Income | (8,071) | (3,123) |
Interest expense | 0 | 1,184 |
Total other expense | (8,071) | (1,939) |
Net Income (loss) before income taxes | 98,224 | (26,811) |
Income tax expense | 12,475 | 3,143 |
Net income (loss) | $ 85,749 | $ (29,954) |
Earnings per share attributable to common shareholders: | ||
Basic and diluted earnings per share | $ .01 | $ 0 |
Weighted average number of shares outstanding - basic and diluted | 9,840,000 | |
Other comprehensive income (loss), net of tax | ||
Net unrealized (loss) on available for sale securities | $ (10,000) | $ 0 |
Comprehensive loss | $ 75,749 | $ (29,954) |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Common Stock | Additional Paid-In Capital | Unrealized Loss on AFS [Member] | Accumulated Earnings (Loss) [Member] | Total |
Beginning balance, shares at Apr. 30, 2014 | 0 | ||||
Beginning balance, value at Apr. 30, 2014 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Stock issued to founders for consulting at par value, shares | 4,199,000 | ||||
Stock issued to founders for consulting at par value, value | $ 4,199 | 4,199 | |||
Stock issued to founders for license agreement at par value, shares | 5,331,000 | ||||
Stock issued to founders for license agreement at par value, value | $ 5,331 | 5,331 | |||
Stock issued for cash, shares | 260,000 | ||||
Stock issued for cash, value | $ 260 | 259,740 | 260,000 | ||
Stock issued for services, shares | 50,000 | ||||
Stock issued for services, value | $ 50 | 49,950 | 50,000 | ||
Net loss | (29,954) | (29,954) | |||
Ending balance, shares at Dec. 31, 2014 | 9,840,000 | ||||
Ending balance, value at Dec. 31, 2014 | $ 9,840 | 309,690 | 0 | (29,954) | 289,576 |
Stock issued for cash, shares | 10,000 | ||||
Stock issued for cash, value | $ 10 | 9,990 | 10,000 | ||
Stock issued for services, shares | 122,500 | ||||
Stock issued for services, value | $ 123 | 79,602 | 79,725 | ||
Unrealized gain/(loss) on AFS | (10,000) | (10,000) | |||
Net loss | 85,749 | 85,749 | |||
Ending balance, shares at Dec. 31, 2015 | 9,972,500 | ||||
Ending balance, value at Dec. 31, 2015 | $ 9,973 | $ 399,282 | $ (10,000) | $ 55,795 | $ 455,050 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||
Net income for the period | $ 85,749 | $ (29,954) |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Accounts receivable | (83,739) | 0 |
Stock based compensation | 79,725 | 54,199 |
Depreciation and amortization | 6,618 | 561 |
Changes in operating assets and liabilities | ||
Prepaid Expenses | (29,137) | 0 |
Prepaid Rent | (9,584) | 0 |
Proceeds from note receivable | 253,123 | (253,123) |
Accounts payable | (9,785) | 18,500 |
Accrued tax and other liabilities | 8,873 | 4,327 |
Net cash earned from operating activities | 301,843 | (205,490) |
Cash flows from investing activities | ||
Purchase of fixed assets | (54,207) | 0 |
AFS Securities Investment | (50,000) | 0 |
Net cash used in investing activities | (104,207) | 0 |
Cash flows from financing activities | ||
Common stock | 10,000 | 260,000 |
Net cash provided by financing activities | 10,000 | 260,000 |
Net decrease in cash and cash equivalents | 207,636 | 54,510 |
Cash and cash equivalents - beginning of year | 54,510 | 0 |
Cash and cash equivalents - end of year | 262,146 | 54,510 |
Supplemental disclosures | ||
Interest paid | 0 | 1,184 |
Income taxes paid | $ 0 | $ 0 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | Business Description Business Activity: |
1. Liquidity and Capital Resour
1. Liquidity and Capital Resources | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity and Capital Resources | Cash Flows Cash and cash equivalents are carried at cost and represent cash on hand, deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date. The company had $262,146 and $54,510 classified as cash equivalents as of December 31, 2015 and December 31, 2014, respectively. |
2. Critical Accounting Policies
2. Critical Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies and Estimates | Basis of Presentation: Use of Estimates: Accounts receivable: AFS Securities: Prepaid expenses: Prepaid rent: Accounts payable: Accrued tax and other liabilities: Fair Value of Financial Instruments: Revenue recognition and related allowances: Costs of Services Sold General & Administrative Expenses Advertising and Marketing Costs: Stock based compensation: Stock compensation expense for stock options is recognized over the vesting period of the award or expensed immediately under ASC 718 and EITF 96-18 when stock or options are awarded for previous or current service without further recourse. The Company issued stock options to contractors and external companies that had been providing services to the Company upon their termination of services. Under ASC 718 and EITF 96-18 these options were recognized as expense in the period issued because they were given as a form of payment for services already rendered with no recourse. Share based expense paid to through direct stock grants is expensed as occurred. Since the Companys stock has become publicly traded, the value is determined based on the number of shares issued and the trading value of the stock on the date of the transaction. Prior to the Companys stock being traded, the Company used either the sale price of previously completed transactions of the private placement of its stock at $1.00 per share or the most recent valuation of $.41 per share, whichever was the most recent transaction prior to the issuance of stock. The Company recognized $79,725 in expenses for stock based compensation to employees through direct stock grants of 122,500 shares in the year ended December 31, 2015 and $54,199 through the direct stock grant of 4,249,000 shares in the year ended December 31, 2014. Income taxes: |
3. Recent Accounting Pronouncem
3. Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | During May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides new guidance on the recognition of revenue and states that an entity should recognize revenue to depict the transfer of On September 10, 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, including an Amendment to Variable Interest Entities Guidance in Topic 810, consolidation |
4. Stockholders' Equity
4. Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | The Companys initial authorized stock at inception was 1,000,000 common shares, par value $0.001 per share. The company subsequently changed its authorized shares in 2015 to 90,000,000 common shares, par value $0.001 per share and 10,000,000 preferred shares, par value $0.001 per share. During the time in which the Company was establishing its operations it issued 4,199,000 shares of common stock to various individuals as founders for services completed done up to that point which was valued at par value resulting in the Company booking stock based expense of $4,199. During the time in which the Company was establishing it operations it issued 5,331,000 shares of common stock to various individuals for a license agreement at par value resulting in the Company recognizing a purchased asset of $5,331. Commencing in November 2014, the Company commenced a private offering of its common stock at an offering price of $1.00 per share. At December 31, 2014, it had accepted subscription from 26 investors and received net proceeds of $260,000 therefrom. In December 2014, the Company issued 50,000 shares of its common stock for legal fees and recognized an expense for this issuance of $50,000 based upon the prior sale price in November 2014 of its common stock. At December 31, 2014, the Company had 9,840,000 shares outstanding. On March 17, 2015, 10,000 shares of common stock were issued to one investor in relation to the private offering commencing in November 2014 in exchange for $10,000 cash. During the second quarter of 2015, the Company issued 50,000 shares of common stock to an individual in consideration of their services rendered in support of the Company resulting in the Company recognizing compensation expense of $50,000 based upon a share price of $1.00 per share realized in the most recent private offering. On July 1, 2015, the Company issued 72,500 shares of common stock to four different individuals in consideration of their services rendered in support of the Company resulting in recognizing compensation expense of $29,725 based upon an independent valuation determining the value of shares at $0.41 per share. At December 31, 2015, the Company had 9,972,500 shares outstanding. |
5. Property and Equipment
5. Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment are recorded at cost, net of accumulated depreciation and are comprised of the following: December 31, 2015 December 31, 2014 Furnitures & Fixtures $ 11,526 $ Marketing Display $ 42,681 $ $ 54,207 $ Less: Accumulated Depreciation $ (6,088 ) $ $ 48,119 $ Depreciation on equipment is provided on a straight line basis over its expected useful lives at the following annual rates. Furniture & fixtures 3 years Marketing Display 3 years Leasehold improvements Term of the lease Depreciation expense for the periods ending December 31, 2015 and 2014 was $6,088 and $0, respectively. |
6. Intangible Asset
6. Intangible Asset | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Asset | On May 1, 2014, the Company entered into a non-exclusive Technology License Agreement with Futurevision, Inc., f/k/a Medicine Man Production Corporation, a Colorado corporation, dba Medicine Man Denver (Medicine Man Denver), a company owned and controlled by affiliates of our Company, whereby Medicine Man Denver granted us a license to use all of their proprietary processes they have developed, implemented and practiced at its cannabis facilities relating to the commercial growth, cultivation, marketing and distribution of medical marijuana and recreational marijuana pursuant to relevant state laws and the right to use and to license such information, including trade secrets, skills and experience (present and future). As payment for the license rights the Company issued Medicine Man Denver (or its designees) 5,331,000 shares of the Companys common stock. The Company accounted for is license in accordance with ASC 350-30-30 Intangibles Goodwill and Other by recognizing the fair value of the amount paid by the company for the asset at the time of purchase. Since the Company has a limited operating history, management determined to use par value as the value recognized for the transaction. Since the term of the initial license agreement is ten (10) years, the cost of the asset will be recognized on a straight line basis over the life of the agreement. In addition, each period the Company will evaluate the intangible asset for impairment. As of December 31, 2014 no impairment was deemed necessary. December 31, 2015 December 31, 2014 License Agreement $ 5,300 $ 5,300 Less: accumulated amortization (1,060 ) (530 ) $ 4,240 $ 4,770 Amortization expense for the periods ending December 31, 2015 and 2014 was $530 and $561, respectively. |
7. Related Party Transactions
7. Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | There was a receivable from Futurevision, (a related party) which had an outstanding balance of $0 as of December 31, 2015, which was $250,000, plus $3,123 in accrued interest as of December 31, 2014. This is a short term receivable bearing interest at 1% month (12% APR) and was paid off in April 2015. Futurevision is owned by several of the major shareholders of the Company and these shareholders have majority control over both the Company and Futurevision, In September and October 2014, ChineseInvestors.com, Inc. borrowed $50,000 in each month (a total of $100,000) to meet short term cash needs. These funds were repaid on October 23, 2014, along with accrued interest of $1,250. The Company operates from its offices at 4880 Havana Street, Suite 102 South, Denver, Colorado 80239. This location is subleased from Medicine Man Denver pursuant to an oral agreement. This space consists approximately 3,500 square feet and is comprised of executive offices, work areas, conference rooms, a restroom, and storage space located in a Class A office building. The Company pays monthly rent of $1,600, plus expenses. During 2014 and 2015, the Company had a verbal agreement with Chineseinvestors.com Inc. and Futurevision to share employee time, while the majority of their salary was covered by these related companies. The Company paid these individuals a modest stipend in addition for their time. This agreement is currently still in place which allows the Company to utilize employees at a lower cost than would otherwise be possible. |
8. Net Income (Loss) per Share
8. Net Income (Loss) per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per share attributable to common shareholders: | |
Net Income (Loss) per Share | In accordance with ASC Topic 280 Earnings Per Share, the basic earnings per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Company's 2015 and 2014 basic and diluted earnings per share was $0.01 and $0.00, respectively. |
9. Commitments and Concentratio
9. Commitments and Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Concentrations | At December 31, 2015 and 2014, the Company had no financially material commitments or concentrations. |
10. Tax Provision
10. Tax Provision | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Tax Provision | The effective tax rate in the periods represented is the results of various tax jurisdictions that apply a broad range of income tax rate. The Company is registered in the State of Colorado and is subject to the United States of America tax law. As of December 31, 2015, the Company had incurred income on a tax basis resulting in the Company calculating that it owed $9,744 to the federal government at December 31, 2015 and $2,418 at December 31, 2014. In addition, the Company owed the State of Colorado $2,731 at December 31, 2015 and $725 in taxes at December 31, 2014. The Federal tax is shown on the income statement as tax expense and accrued as a current accrued liability on the balance sheet. The Federal amount of $2,418 was paid in the second quarter of 2015 and reduced the accrued tax reflected on the balance sheet. |
11. Subsequent Event
11. Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent to year end the Company issued 120,000 shares of common stock to various employees as compensation for services, which will result in the Company recognizing $49,200 in share based compensation in the first quarter of 2016. |
3. Summary of Significant Accou
3. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: |
Use of Estimates | Use of Estimates: |
Accounts receivable | Accounts receivable: |
AFS Securities | AFS Securities: |
Prepaid expenses | Prepaid expenses: |
Prepaid rent | Prepaid rent: |
Accounts payable | Accounts payable: |
Accrued tax and other liabilities | Accrued tax and other liabilities: |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: |
Revenue recognition and related allowances | Revenue recognition and related allowances: |
Cost of Services Sold | Costs of Services Sold |
General and Administrative Expenses | General & Administrative Expenses |
Advertising and Marketing Costs | Advertising and Marketing Costs: |
Stock-based compensation | Stock based compensation: Stock compensation expense for stock options is recognized over the vesting period of the award or expensed immediately under ASC 718 and EITF 96-18 when stock or options are awarded for previous or current service without further recourse. The Company issued stock options to contractors and external companies that had been providing services to the Company upon their termination of services. Under ASC 718 and EITF 96-18 these options were recognized as expense in the period issued because they were given as a form of payment for services already rendered with no recourse. Share based expense paid to through direct stock grants is expensed as occurred. Since the Companys stock has become publicly traded, the value is determined based on the number of shares issued and the trading value of the stock on the date of the transaction. Prior to the Companys stock being traded, the Company used either the sale price of previously completed transactions of the private placement of its stock at $1.00 per share or the most recent valuation of $.41 per share, whichever was the most recent transaction prior to the issuance of stock. The Company recognized $79,725 in expenses for stock based compensation to employees through direct stock grants of 122,500 shares in the year ended December 31, 2015 and $54,199 through the direct stock grant of 4,249,000 shares in the year ended December 31, 2014. |
Income taxes | Income taxes: |
5. Property and Equipment (Tabl
5. Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment table | December 31, 2015 December 31, 2014 Furnitures & Fixtures $ 11,526 $ Marketing Display $ 42,681 $ $ 54,207 $ Less: Accumulated Depreciation $ (6,088 ) $ $ 48,119 $ |
Schedule of property and equipment useful lives | Furniture & fixtures 3 years Marketing Display 3 years Leasehold improvements Term of the lease |
6. Intangible Asset (Tables)
6. Intangible Asset (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
License Agreement | December 31, 2015 December 31, 2014 License Agreement $ 5,300 $ 5,300 Less: accumulated amortization (1,060 ) (530 ) $ 4,240 $ 4,770 |
2. Liquidity and Capital Resour
2. Liquidity and Capital Resources (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash equivalents | $ 262,146 | $ 54,510 |
Accounts receivable | 83,739 | 0 |
Prepaid expenses | 29,137 | 0 |
Prepaid rent | 9,584 | 0 |
Accounts payable | 8,715 | 18,500 |
Accrued taxes | 13,200 | 3,143 |
Accrued expenses | 1,184 | |
Advertising and marketing costs | 15,997 | 15,495 |
Stock based compensation expense | 79,725 | 54,199 |
Available-for-sale instruments | $ 40,000 | 0 |
Other accrued expenses | $ 1,184 | |
Stock grants to employees, shares | 122,500 | 4,249,000 |
5. Property and Equipment (Deta
5. Property and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Furniture & fixtures | $ 11,526 | $ 0 |
Marketing Display | 42,681 | 0 |
Property and Equipment, gross | 54,207 | 0 |
Less: Accumulated Depreciation | (6,088) | 0 |
Property and equipment, net | $ 48,119 | $ 0 |
5. Property and Equpment (Detai
5. Property and Equpment (Details - Useful life) | 12 Months Ended |
Dec. 31, 2015 | |
Furniture and Fixtures | |
Useful lives of property and equipment | 3 years |
Marketing Display | |
Useful lives of property and equipment | 3 years |
Leasehold Improvements | |
Useful lives of property and equipment | Term of the lease |
5. Property and Equipment (De25
5. Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 6,088 | $ 0 |
6. Intangible Asset (Details)
6. Intangible Asset (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
License agreement costs | $ 5,300 | $ 5,300 |
Less: accumulated amortization | (1,060) | (530) |
License agreement costs, net | $ 4,240 | $ 4,770 |
6. Intangible Asset (Details Na
6. Intangible Asset (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 530 | $ 561 |
7. Related Party Transactions (
7. Related Party Transactions (Details Narrative) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transactions [Abstract] | ||
Due from related party | $ 0 | $ 250,000 |
10. Tax Provision (Details Narr
10. Tax Provision (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Internal Revenue Service (IRS) [Member] | ||
Income tax liability | $ 9,744 | $ 2,418 |
Taxes paid | 2,418 | |
State of Colorado [Member] | ||
Income tax liability | $ 2,731 | $ 725 |