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5. Income Taxes

12 Months Ended

Dec. 31, 2013

5. INCOME TAXES

The components of deferred tax assets accrued interest at December 31, 2013 and 2012 are as follows:

	December 31, 2013	December 31, 2012
Net operating loss carry forwards	120,400	101,240
Accrued interest	1,800	660
Less: Valuation allowance	(122,200)	(101,900)
Total	0	0

A 100% valuation allowance was provided at December 31, 2013 and 2012 as it is uncertain if the deferred tax assets would be utilized. The increase in the valuation allowance was a result from the increase in the Company’s net operating loss carry forward and accrued interest.

At December 31, 2013, the Company has unused federal net operating loss carry forwards of approximately $330,500 expiring between 2018 and 2033 and unused New Jersey net operating loss carry forwards of approximately $176,400 expiring between 2014 and 2020.

The Company files its federal and New Jersey income tax returns under varying statutes of limitations. The 2010 through 2013 tax years generally remain subject to examination by federal and New Jersey tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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