Net Operating Loss Carryforwards

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Note 3 - Net Operating Loss Carryforwards

At September 30, 2011, we had net operating loss carry-forwards for Federal income tax purposes of approximately $9,500,000 which were available to offset future Federal taxable income, if any, through 2030. These net operating loss carry forwards are subject to an annual limitation of approximately $1,000,000. Utilization of these loss carryforwards is subject to further limitation in the event of a change in ownership of the Company, as defined by Federal tax law.