Annual report pursuant to section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.6
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2012
INCOME TAXES [Abstract]  
Schedule of Deferred Tax Assets


                 

 

 

Year ended

December 31,

 

 

 

2012

 

 

2011

 

Deferred tax assets:

 

 

 

 

 

 

Net operating losses

 

$

826,719

 

 

$

625,794

 

Capital loss carryover

 

 

10,496

 

 

 

10,496

 

Contributions

 

 

333

 

 

 

333

 

Deferred revenue

 

 

787

 

 

 

-

 

Valuation allowance

 

 

(836,312

)

 

 

(634,851

)

Net deferred tax assets

 

$

2,023

 

 

$

1,772

 

 

 

 

 

 

 

 

 

 

Total deferred tax liabilities

 

 

(2,023

)

 

 

(1,772

)

Total net deferred taxes

 

$

-

 

 

$

-

 


Schedule of Effective Income Tax Rate Reconciliation

 

 

Year ended

December 31,

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Income tax (loss) at federal statutory rate

 

 

(15.00

)%

 

 

(15.00

)%

State taxes, net of federal benefit

 

 

(4.08

)%

 

 

(4.68

)%

Nondeductible items

 

 

1.93

%

 

 

0.02

%

Changes in valuation allowance

 

 

17.15

%

 

 

19.66

%

 

 

 

0.00

%

 

 

0.00

%