v2.4.0.8

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

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		$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

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	%

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

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)		$	—		$	—

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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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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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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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