Income Taxes

6 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Income Taxes

11.  Income Taxes

For the three and six months ended December 31, 2011 and 2010, the Company did not record an income tax benefit because it has incurred taxable losses and has no history of generating taxable income and therefore the Company cannot  presently anticipate the realization of a tax benefit on its Net Operating Loss carryforward of $6,023. The Company has established a full valuation allowance against its deferred tax assets related to its Net Operating Loss carryforward of $6,023 as of December 31, 2011.  As a result of the change in control pursuant to the Recapitalization, the utilization of the $6,023 Net Operating Loss carryforward will be substantially limited. 

The Company will recognize interest and penalties related to any uncertain tax positions through its income tax expense.

The Company may in the future become subject to federal, state and local income taxation though it has not been since its inception.  The Company is not presently subject to any income tax audit in any taxing jurisdiction.