Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.6
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Components of the net deferred tax assets
  Year Ended
 

December 31,

 

2012

2011

     
Deferred tax assets:    
Net operating loss carryforwards $8,840,000  $9,450,000 
Options and warrants not yet deducted, for tax purposes     420,000       990,000 
   
  9,250,000  10,440,000 
Valuation allowance (3,066,000) (3,537,000)
     
Net deferred tax assets $6,194,000      $ 6,903,000
Reconciliation between taxes
  Year Ended
 

December 31,

 

2012

2011

     
Income tax - statutory rate 34.0% 34.0%
State and local, net   0.0% 0.0%
Valuation allowance on deferred tax assets (12.0)% (461.3)%
(Utilization of NOL)