Income Taxes

9 Months Ended

Sep. 30, 2012

Income Taxes [Abstract]

INCOME TAXES

NOTE J — INCOME TAXES

On July 17, 2012 the Internal Revenue Service completed its audit of our fiscal year 2009 and 2010 tax returns. The audit resulted in a small proposed adjustment to our Net Operating Loss carry forward which resulted from the Therapeutic Discovery Grant being considered as a reduction of expenses for tax purposes. As a result of the audit our net operating loss tax carry forward of federal and state income taxes changed to $16,249,164 at December 31, 2011 from $16,683,683 as previously disclosed in our Annual Report on Form 10K as filed with the Securities and Exchange Commission on March 12, 2012. Since we did not meet the standard established by ASC Topic 740 at December 31, 2011 we had a valuation allowance to fully reserve our deferred tax asset and that reserve will also change to $16,249,164 as well.

END OF FINANCIAL STATEMENTS.