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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Taxes: |
Income Tax Disclosure | Note 11 – Income Taxes Deferred income taxes are provided based on the provisions of ASC Topic 740, “Accounting for Income Taxes”, to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2014, 2013, 2012 and 2011. The Company classifies interest and penalties arising from underpayment of income taxes in the consolidated statements of operations as general and administrative expenses. As of December 31, 2014, the Company had no accrued interest or penalties related to uncertain tax provisions. Significant components of the Company’s net deferred income taxes are as follows:
|  |  | For the Years ended December 31, |
|  |  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |
Net operating loss carryforwards |  |  | $ | 2,307,440 |  |  | $ | 2,092,216 |
Start-up cost |  |  |  | 350,834 |  |  |  | 381,070 |
Goodwill |  |  |  | 805,100 |  |  |  | 871,272 |
Amortization of Intellectual Property |  |  |  | (6,893 | ) |  |  | (6,893 | )
Stock based compensation |  |  |  | 621,858 |  |  |  | 542,836 |
Other |  |  |  | 131 |  |  |  | 1,653 |
Deferred tax assets |  |  |  | 4,078,470 |  |  |  | 3,882,154 |
Less valuation allowance |  |  |  | (4,078,470 | ) |  |  | (3,882,154 | )
Net deferred tax assets after valuation allowance |  |  | $ | — |  |  | $ | — |
A reconciliation of the U.S. statutory federal income tax rate to the effective income tax rate (benefit) follows:
Rate Reconciliation |  | For the Years ended December 31, |
|  | 2014 |  |  | 2013 |
Federal income tax at statutory rate |  | $ | (192,410 | ) |  | $ | (358,686 | )
State Tax, net of Federal rate |  |  | (20,543 | ) |  |  | (58,023 | )
Permanent Differences |  |  | 237 |  |  |  | (13,829 | )
Forfeiture of fully vested stock compensation |  |  | — |  |  |  | 255,438 |
Rate Change from 39.5% to 37.63% |  |  | — |  |  |  | 88,950 |
Other |  |  | 16,400 |  |  |  | 21,891 |
Change in Valuation Allowance |  |  | 196,316 |  |  |  | 64,259 |
|  | $ | — |  |  | $ | — |
In assessing the ability to realize a portion of the deferred tax assets, management considers whether it is more than likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities and projected future taxable income in making the assessment. After consideration of the evidence, both positive and negative, management has determined that a $4,078,470 valuation allowance at December 31, 2014 is necessary to reduce the deferred tax assets to the amount that will more likely than not be realized. The change in the valuation allowance for the current year is $196,315, as opposed to $64,259 on December 31, 2013. At December 31, 2014, the Company has available net operating loss carry forwards for federal income tax purposes of $5,841,620 expiring at various times from 2027 through 2032. Valuation and Qualifying Accounts
Description |  | Balance at |  |  | Charged to |  |  | Write-offs |  |  | Other |  |  | Balance at |
|  | Beginning |  |  | Cost and |  |  |  |  |  | Charges |  |  | End of |
|  | of Period |  |  | Expenses |  |  |  |  |  |  |  |  | Period |
Deferred tax asset valuation allowance |
Year ended December 31, 2014 |  | $ | 3,882,154 |  |  | $ | 196,316 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,078,470 |
Year ended December 31, 2013 |  | $ | 3,817,895 |  |  | $ | 64,259 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,882,154 |

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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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: 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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