Annual report pursuant to Section 13 and 15(d)

Tax (Tables)

v2.4.0.6
Tax (Tables)
 12 Months Ended
Dec. 31, 2012
Tax Tables  
Provision (benefit) for income taxes

A reconciliation of the provision (benefit) for income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows for the years ended December 31:

 

    2012     2011  
                 
Computed tax at the federal statutory rate of 34%   $ (1,319,000)   $ (3,229,000)
Impairment of nondeductible goodwill     -       1,209,000  
Other     8,000       11,000  
Valuation allowance     1,311,000       2,009,000  
Provision for income  taxes   $ -     $ -  

Deferred income tax assets

Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31:

 

    2012     2011  
Deferred tax assets:            
  Accrued compensation   $ 1,360,000     $ 1,417,000  
  Net operating loss carryforwards     5,350,000       2,492,000  
                 
Deferred tax liabilities:                
  Property and equipment     (326,000 )     -  
                 
Valuation allowance     (6,384,000)       (3,909,000)
                 
Net deferred tax assets (liabilities   $ -     $ -