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Income taxes (Tables)

12 Months Ended

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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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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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))

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