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10. Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Taxes |
Income Taxes | The Company’s income tax provision (benefit) for the years ending December 31, 2012, 2011, and 2010, are as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Federal |  |  |  |  |  |  |  |  |
Current |  | $ | - |  |  | $ | - |  |  | $ | - |
Deferred |  |  | 151,915 |  |  |  | 87,675 |  |  |  | (448,182 | )
Total |  | $ | 151,915 |  |  | $ | 87,675 |  |  | $ | (448,182 | )
State |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | - |  |  | $ | 9,168 |  |  | $ | - |
Deferred |  |  | 15,192 |  |  |  | 8,767 |  |  |  | (44,818 | )
Total |  | $ | 15,192 |  |  | $ | 17,935 |  |  | $ | (44,818 | )
Foreign |  | $ | - |  |  | $ | - |  |  | $ | - |
Total provision (benefit) |  | $ | 167,107 |  |  | $ | 105,610 |  |  | $ | (493,000 | )
Domestic and foreign components of income (loss) from operations before income taxes for the years ended December 31, 2012, 2011, and 2010 are as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Domestic |  | $ | 301,391 |  |  | $ | 1,342,530 |  |  | $ | 890,101 |
Foreign |  |  | (692,820 | ) |  |  | (600,000 | ) |  |  | (577,888 | )
Total |  | $ | (391,429 | ) |  | $ | 742,530 |  |  | $ | 312,213 |
At December 31, 2012 and 2011, the Company had net deferred tax assets as follows:
|  | 2012 |  |  | 2011 |
Deferred tax asset: |  |  |  |  |  |
Property, plant, and equipment |  | $ | - |  |  | $ | 79,164 |
Other |  |  | 11,151 |  |  |  | 2,926 |
Foreign exploration costs |  |  | 208,855 |  |  |  | 249,309 |
Foreign net operating loss carryforward |  |  | 374,110 |  |  |  | 390,000 |
Foreign property, plant, and equipment |  |  | 217,887 |  |  |  |  |
Federal and state net net operating |  |  |  |  |  |  |  |
loss carry forward |  |  | 39,824 |  |  |  | 65,159 |
Deferred tax asset |  |  | 851,827 |  |  |  | 786,558 |
Valuation allowance (foreign) |  |  | (605,496 | ) |  |  | (390,000 | )
Valuation allowance (federal) |  |  | - |  |  |  | - |
Total deferred tax asset |  |  | 246,331 |  |  |  | 396,558 |
Deferred tax liability: |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | (16,880 | ) |  |  | - |
Total deferred tax liability |  |  | (16,880 | ) |  |  | - |
Net Deferred Tax Asset |  | $ | 229,451 |  |  | $ | 396,558 |
Existing and forecasted pretax earnings for financial reporting purposes are sufficient to generate the estimated required future taxable income required to realize the recognized federal net deferred tax asset as of December 31, 2012. At December 31, 2012, the Company has United States net operating loss carry forwards of approximately $68,000 that expire at various dates between 2026 and 2029. In addition, the company has unexpired Montana state net operating loss carry forwards of approximately $382,000 which expire between 2013 and 2019, and unexpired Idaho state net operating loss carry forwards of approximately $165,000, which expire in 2032. The company has approximately $1.3 million of Mexican net operating loss carry forwards which expire between 2019 and 2022. The income tax provision (benefit) differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income (loss) for the years ended December 31, 2012, 2011 and 2010 due to the following:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Computed expected tax provision (benefit) |  | $ | (137,000 | ) |  |  | -35.0 | % |  | $ | 259,886 |  |  |  | 35.0 | % |  | $ | 106,000 |  |  |  | 34.0 | %
Effect of permanent differences |  |  | - |  |  |  | 0.0 | % |  |  | 4,662 |  |  |  | 0.6 | % |  |  | 30,000 |  |  |  | 9.6 | %
Foreign taxes |  |  | 34,641 |  |  |  | 8.9 | % |  |  | 24,000 |  |  |  | 3.2 | % |  |  | - |  |  |  | - |
Other(1) |  |  | 61,770 |  |  |  | 15.8 | % |  |  | 126,062 |  |  |  | 17.0 | % |  |  | - |  |  |  | - |
Increase in valuation allowance |  |  | 207,696 |  |  |  | 53.1 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Release of valuation allowance |  |  | - |  |  |  | 0.0 | % |  |  | (309,000 | ) |  |  | -41.6 | % |  |  | (629,000 | ) |  |  | -202.0 | %
Total |  | $ | 167,107 |  |  |  | 42.7 | % |  | $ | 105,610 |  |  |  | 14.2 | % |  | $ | (493,000 | ) |  |  | -158.4 | %
(1) Meals and entertainment, effect of state taxes, change of prior year estimate, and rate differential, as management has refined their estimate to 38.5% in 2011. During the years ended December 31, 2012, 2011, and 2010, there were no material uncertain tax positions taken by the Company. The Company United States income tax filings are subject to examination for the years 2010 through 2012, and 2011 and 2012 in Mexico. In the event that the Company is assessed penalties and or interest, penalties will be charged to other operating expense and interest will be charged to interest expense.

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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 Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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=6881521&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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 7: 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 8: 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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