Note 5 - Income Tax Matters

9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Text Block]

Note 5 – Income Tax Matters

The Company conducts an on-going analysis to review the deferred tax assets and the related valuation allowance that it has recorded against deferred tax assets, primarily associated with Federal net operating loss carryforwards.  As a result of this analysis and the actual results of operations, the Company has increased its net deferred tax assets by $81,000 and $1,600 during the nine months ended September 30, 2012 and 2011, respectively.  The change in deferred tax assets is attributable to the change in the valuation allowance based on the Company’s forecasts of future earnings from operations.