v2.4.0.8

INCOME TAXES | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | Note 4 - Income Taxes The tax effects of temporary differences that give rise to deferred tax assets as of December 31, 2013 and December 31, 2012 are presented below:
|  | 2013 |  | 2012 |
Deferred Tax Assets: |  |  |  |  |  |  |
Net operating loss carryforward |  | $ | 1,247,206 |  | $ | 941,555 |
Stock based compensation |  |  | 50,500 |  |  | — |
Total Deferred Tax Asset |  |  | 1,297,706 |  |  | 941,555 |
Valuation allowance |  |  | (1,297,706) |  |  | (941,555) |
Deferred Tax Asset, Net of Valuation Allowance |  | $ | — |  | $ | — |
A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2013 and 2012 is as follows:
|  | 2013 |  |  | 2012 |
U.S. federal statutory rate |  | (34.0) | % |  | (34.0) | %
State and local tax, net of federal benefit |  | (2.4) | % |  | (3.6) | %
Change in fair value of derivative liability and other permanent differences |  | 7.2 | % |  | (3.4) | %
Change in valuation allowance |  | 29.2 | % |  | 41.0 | %
Income tax provision (benefit) |  | 0.0 | % |  | 0.0 | %
The income tax provision (benefit) for the year ended December 31, 2013 and 2012 consists of the following:
|  | 2013 |  | 2012 |
Federal |  |  |  |  |  |  |
Current |  | $ | — |  | $ | — |
Deferred |  |  | (333,108) |  |  | (851,406) |
State and Local |  |  |  |  |  |  |
Current |  |  | - |  |  | - |
Deferred |  |  | (23,043) |  |  | (90,149) |
Valuation Allowance |  |  | 356,151 |  |  | 941,155 |
Income Tax Provision (Benefit) |  | $ | — |  | $ | — |
The Company files its income tax returns in the U.S. federal jurisdiction and the state of Florida. The Company’s federal and state income tax returns are subject to examination by tax authorities beginning with the year ended December 31, 2010. At December 31, 2013 and 2012, the Company had approximately $3,431,000 and $2,298,000 of federal and state net operating losses that may be available to offset future taxable income. The net operating loss carryforwards will begin to expire in 2027 unless utilized. In accordance with Section 382 of the Internal Revenue Code, deductibility of the Company’s U.S. net operating carryovers may be subject to an annual limitation in the event of a change of control as defined the regulations. Based upon a preliminary evaluation, management has determined that $802,671 of the Company’s net operating loss carryovers are subject to an annual limitation under Section 382. The Company assesses the likelihood that deferred tax assets will be realized. To the extent that realization is not likely, a valuation allowance is established. Based upon the Company’s losses since inception, management believes that it is more likely than not that the future benefits of its deferred tax assets will not be realized and has therefore established a full valuation allowance. As of December 31, 2013 and December 31, 2012, the change in valuation allowance was $356,157 and $941,155, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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