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NOTE 8 - Subsequent Events | 6 Months Ended
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Jun. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | NOTE 8 – SUBSEQUENT EVENTS OVBC Captive, Inc. ("the Captive"), a wholly-owned subsidiary of the Company, began operations in July 2014, in the State of Nevada. The Captive is a pure captive insurance company as defined by the Nevada Revised Statutes, Chapter 694C, and is engaged in the business of providing commercial property and various liability insurance to the Company and related entities. The Captive has elected to be taxed under Section 831(b) of the Internal Revenue Code. Pursuant to Section 831(b), if gross premiums do not exceed $1,200,000, then the Captive is taxable solely on its investment income. The Captive will be included in the consolidated federal income tax return of the Company. The Captive has a policy to pay to the Company its federal income tax liability or receive a credit for the tax reduction realized in the event of a loss. The Captive is subject to federal income taxes and state premium taxes to Nevada.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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