The tax effects of temporary differences that give rise to deferred tax assets or liabilities are presented below:

		March 31,			December 31,
		2018			2017
Deferred tax assets:
Net operating loss carryforwards		$	501,543		$	50,524
Less: valuation allowance			(501,543)			(50,524)
Net deferred tax assets			-			-
Deferred tax liabilities:
Property and equipment			34,209			34,209
Deferred tax liabilities			34,209			34,209
Net deferred tax liabilities		$	34,209		$	34,209

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is a follows:

		For the Three Months Ended March 31,
		2018			2017
Tax at federal rate			21.0	%		34.0	%
U.S. income attributable to pass-through entity			0.0	%		-3.0	%
U.S. income subject to valuation allowance			-29.8	%		0.0	%
State and local income taxes			-0.3	%		0.0	%
Foreign income not subject to U.S. federal tax			7.6	%		-31.0	%
Foreign tax			-2.7	%		7.5	%
Effective income tax rate			-4.3	%		7.5	%