Annual report pursuant to section 13 and 15(d)

8. PROVISION FOR INCOME TAXES (Tables)

v2.4.0.6
8. PROVISION FOR INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2012
Provision For Income Taxes Tables  
Deferred tax assets

Temporary differences that give rise to significant deferred tax assets are as follows:

 

    December 31,  
    2012     2011  

Start-up costs

 

 

$

 

21,786

 

   

$

 

21,786

 

 

Net operating loss carryforward

 

   

1,064,457

 

     

466,803

 

 

Valuation allowance

 

   

(1,086,243

 

)

 

   

(488,589

 

)

 

Net deferred tax asset

 

 

$

 

-

 

   

$

 

-

 

 

 

Income tax rate

The primary factors affecting the Company’s income tax rate for the years ended December 31, 2012 and 2011 are as follows:

 

    2012     2011  

Tax benefit at U.S. statutory rate

 

   

(34.0)

 

%

 

   

(34.0)

 

%

 

State tax benefit

 

   

(6.3)

 

%

 

   

(6.3)

 

%

 

Valuation allowance

 

   

40.3

 

%

 

   

40.3

 

%

 

     

0.0

 

%

 

   

0.0

 

%