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Income Taxes

12 Months Ended

Dec. 31, 2013

7. INCOME TAXES

The composition of deferred tax assets at December 31, 2013 and 2012 were as follows:

	2013			2012
Deferred tax assets
Benefit from carryforward of net operating loss	$	2,420,000		$	2,323,000
Less valuation allowance		(2,420,000	)		(2,323,000	)
Net deferred tax asset	$	—		$	—

The difference between the income tax benefit in the accompanying statement of operations and the amount that would result if the U.S. Federal statutory rate of 34% were applied to pre-tax loss for 2013 and 2012 is attributable to the valuation allowance.

At December 31, 2013, for federal income tax and alternative minimum tax reporting purposes, the Company has $7,117,000 in unused net operating losses available for carryforward to future years which will expire in various years through 2033. The majority of the unused net operating loss carryforward is limited to an annual amount of approximately $270,000 due to the change in control on June 28, 2007 (see below footnote 8 - Series C Preferred Stock).

- 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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