Annual report pursuant to section 13 and 15(d)

15. Income Taxes (Tables)

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15. Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes Tables  
Schedule of provision for income taxes

 

      2012   2011
Deferred          
  Federal   $ (1,148,000) $ (1,416,000)
  State      -    -
      (1,148,000)   (1,416,000)
Change in valuation allowance     1,148,000   1,416,000
    $                           - $                           -

Schedule of Federal statutory tax rate
      2012   2011
      %   %
Federal statutory rate     (34.0)   (34.0)
State net of federal tax     (3.9)   -
Other     15.9   2.2
Change in valuation allowance      22.0    31.8
Effective income tax rate                               -                             -
Schedule of deferred tax assets and liability

 

      2012   2011
Deferred tax assets          
     Net operating losses   $ 44,144,000 $ 37,554,000
     Allowance for doubtful accounts     102,000   81,000
     Derivative liability     405,000   -
     Accrued liabilities and other     398,000   959,000
     Property and equipment     120,000   4,737,000
      45,169,000   43,331,000
Deferred tax liability          
     Debt discount     690,000   -
Deferred tax asset, net     44,479,000   43,331,000
     Less valuation allowance     (44,479,000)   (43,331,000)
    $ - $ -