Funds Received From Sale Of Income Tax Net Operating Losses

9 Months Ended

Sep. 30, 2011

Funds Received From Sale Of Income Tax Net Operating Losses

Funds Received From Sale Of Income Tax Net Operating Losses

Note 15: Funds Received From Sale Of Income Tax Net Operating Losses

As of December 31, 2010, the Company had approximately $102,000,000 of federal net operating loss carryforwards (expiring in the years 2011 through 2030) available to offset future federal taxable income.  The Company also had approximately $37,000,000 of Pennsylvania state net operating loss carryforwards (expiring in the years 2018 through 2030) and approximately $38,000,000 of New Jersey state net operating loss carry forwards (expiring in the years 2011 through 2017) available to offset future state taxable income.  In February 2011, the Company effectively sold $28,000,000 of its New Jersey state net operating loss carry forwards (for the years 2003 through 2008) for $2,271,928.  The utilization of certain state net operating loss carryforwards may be subject to annual limitations.