Net Operating Loss Carryforwards

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Note 3 - Net Operating Loss Carryforwards

At March 31, 2012, 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 2031. 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 as a result of change in ownership of the Company, as defined by Federal tax law.