Annual report pursuant to section 13 and 15(d)

Income Taxes

v2.4.0.6
Income Taxes
12 Months Ended
Dec. 31, 2012
Income Tax Expense (Benefit) [Abstract]  
Income Taxes

Note 11 – Income Taxes

 

At December 31, 2012 and 2011, the Company had accumulated net operating losses of approximately $15,000,000 and $13,000,000, respectively, available to reduce future federal and state taxable income. Unless utilized, the loss carry forward amounts will begin to expire in 2013.

 

Deferred tax assets resulting from the operating loss carry forward, are reduced by a valuation allowance.

 

The deferred tax asset consisted of the following:

 

    December 31,     December 31,  
    2012     2011  
Loss carry forward amount   $ 15,000,000     $ 13,000,000  
Effective tax rate     38 %     38 %
Deferred tax asset     5,700,000       4,940,000  
Less valuation allowance     (5,700,000 )     (4,940,000 )
Net deferred taxes   $     $