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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
Income taxes [Abstract] |
Loss Before Taxes | Loss before taxes was derived from the following sources:
| For the year ended |
| Dec 31,2013 |  | Dec 31,2012 |  | Dec 31,2011 |
Domestic |  |  | (3,808,877 | ) |  |  | (4,487,856 | ) |  |  | (2,961,844 | )
Foreign |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (3,808,877 | ) |  |  | (4,487,856 | ) |  |  | (2,961,844 | )
Components of the Provision for Income Taxes | The components of the provision for income taxes are as follows:
|  | For the year ended |
|  | Dec 31,2013 |  |  | Dec 31,2012 |  |  | Dec 31,2011 |
Domestic: |  |  |  |  |  |  |  |  |
Current tax expense |  |  | (33,726 | ) |  |  | (26,896 | ) |  |  | (29,525 | )
Deferred tax (expense) / benefit |  |  | — |  |  |  | (24,341 | ) |  |  | 16,099 |
Income tax expense for year |  |  | (33,726 | ) |  |  | (51,237 | ) |  |  | (13,426 | )
Deferred Tax (Expense)/Benefit | The deferred tax (expense) / benefit was calculated as follows:
|  | For the year ended |
|  | Dec 31,2013 |  |  | Dec 31,2012 |  |  | Dec 31,2011 |
Non tonnage tax trade—net loss |  |  | — |  |  |  | — |  |  |  | 126,873 |
Tax at 12.5% |  |  | — |  |  |  | — |  |  |  | 15,859 |
Other |  |  | — |  |  |  | — |  |  |  | 240 |
Change in valuation allowance |  |  | — |  |  |  | (24,341 | ) |  |  | — |
Deferred tax (expense) / benefit |  |  | — |  |  |  | (24,341 | ) |  |  | 16,099 |
Reconciliation of Deferred Tax Asset | Reconciliation of deferred tax asset:
|  | For the year ended |
|  | Dec 31,2013 |  |  | Dec 31,2012 |  |  | Dec 31,2011 |
Cumulative non tonnage tax trade—net loss |  |  | — |  |  |  | 189,531 |  |  |  | 189,531 |
Deferred tax at 12.5% |  |  | — |  |  |  | 23,691 |  |  |  | 23,691 |
Other |  |  | — |  |  |  | 650 |  |  |  | 650 |
Total deferred tax assets |  |  | — |  |  |  | 24,341 |  |  |  | 24,341 |
Valuation allowance |  |  | — |  |  |  | (24,341 | ) |  |  | — |
Net deferred tax asset |  |  | — |  |  |  | — |  |  |  | 24,341 |

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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 + Details
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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 + Details
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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 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: 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)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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