Income Taxes

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements

Income Taxes

Due to cumulative losses incurred by the company and its subsidiaries during the current six month period and prior three years, the company has concluded that it is not more likely than not that it will realize its net deferred tax asset and, accordingly, has recorded a valuation allowance to fully offset its net deferred tax asset at June 30, 2011 (amounting to approximately $3,567,000), resulting in no tax benefit during the period ended June 30, 2011.