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10. Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Taxes Tables  
Income tax provision (benefit)
    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

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  
Deferred tax assets

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  
Income tax provision (benefit) difference

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 %