XML 14 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
INCOME TAXES
 9 Months Ended
Sep. 30, 2013
Income Taxes  
Note 4 - INCOME TAXES

Prior to the acquisition of Amplerissimo (see Note 3), the Company had net operating losses in the United States which, although offset by a valuation allowance due to the uncertainty of profitable operations in the future, were able to be applied to future taxable income (if any). However, the Internal Revenue Code Section 382 limits the amount of net operating loss carry-forwards that can be utilized upon a change in control. We have therefore eliminated the deferred tax asset and related valuation allowance.

 

Our wholly-owned Cyprian subsidiary, Amplerissimo, Ltd. has taxable income in Cyprus, where the income tax rate is 12.5%. Deferred tax assets and valuation allowances at September 30, 2013 and December 31, 2012 are as follows:

 

    9/30/2013     12/31/2012  
Deferred tax asset   $ 72,696     $ 574  
Less: reserve     (72,696 )     (574 )
Net deferred tax asset   $ -       -  

 

Our net operating loss carry-forwards begin to expire in 2032.