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v2.4.0.6
INCOME TAXES
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
INCOME TAXES

NOTE 9 - INCOME TAXES

 

Deferred income taxes reflect the net tax effects of operating loss and tax credit carry forwards and temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts use for income tax purposes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Due to the uncertainty of the Company’s ability to realize the benefit of the deferred tax assets, the deferred tax assets are fully offset by a valuation allowance at December 31, 2011 and 2010.

 

Income tax expense for 2011 and 2010 is as follows:

 

  2011   2010
Current:      
    Federal $                        -    $                       - 
    State -    - 
  -    - 
       
Deferred:      
    Federal (197,877)               (68,000)
    State (21,126)                  (7,260)
    Change in      
      Valuation allowance 219,003                  75,260
  $                      -    $                         - 

 

The following is a summary of the Company’s deferred tax assets at December 31, 2011 and 2010:

 

 

  2011   2010
Deferred Tax Assets:      
    Net operating losses $         163,055   $             75,260
    Stock compensation 124,104    - 
    Debt discounts and derivatives 7,104    
      Net deferred tax assets 294,263                  75,260
Valuation Allowance (294,263)               (75,260)
   $                      -    $                       - 

 

A reconciliation between the expected tax expense (benefit) and the Effective tax rate for the years ended

   December 31, 2011 and 2010 are as follows:

 

 

  2011   2010
Statutory federal income tax rate (34%)   (34%)
State taxes, net of federal income tax (3.63%)   (3.63%)
Effect of change in valuation allowance -   -
Non deductible expenses and other 37.63%   37.63%
  0%   0%

 

 

For the year ended December 31, 2011, the Company had a tax net operation loss carry forward of approximately 433,000. Any unused portion of this carry forward expires in 2029. Utilization of the loss may be limited in the event of an ownership change pursuant to IRS Section 382. The Company’s valuation allowance increased $219,003 during the year ended December 31, 2011.