v2.4.0.8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Summary of components of income tax provision (benefit)

		Year ended
		2013				2012
Current		$	(103,471	)		$	(158,895	)
Deferred			(1,195,703	)			(1,386,246	)
Less increase in allowance			1,195,703				1,386,246
Net deferred			–				–
Total income tax provisions (benefit)		$	(103,471)			$	(158,895	)

Individual components of deferred tax asset

		Year ended
		2013				2012
Net operating loss carryforwards		$	5,067,659			$	4,107,084
Stock based compensation			4,084,116				3,848,988
Depreciation and amortization			289,345				289,345
Tax credit carryforward			107,854				107,854
Total			9,548,974				8,353,271
Less valuation allowance			(9,548,974	)			(8,353,271	)
Net deferred tax assets		$	–			$	–

Differences between United States statutory federal income tax rate and effective income tax rate

		Year ended
		2013				2012
Tax benefit at statutory United States federal rate		$	(1,112,800	)		$	(1,186,565	)
State income tax credit net of federal benefit			(136,634	)			(187,427	)
Permanent items			(49,740	)
Tax credits			0				(107,034	)
Adjustments from prior year			0				(64,115	)
Change in valuation reserves			1,195,703				1,386,246
Current tax (expense) income			103,471				(158,895
Effective tax rate (%)			3	%			4	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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