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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2014

Income Taxes [Abstract]

Summary of deferred tax asset (liabilities)

		March 31, 2014				December 31, 2013
Excess of Tax over book depreciation Fixed assets		$	87,578			$	87,578
Excess of Tax over book depreciation Patents			114,028				114,028
Net Operating Loss Carry forward			2,254,812				1,642,598
Valuation Allowance			(2,456,418	)			(1,844,204	)
Total Deferred Tax Asset (Liabilities)		$	-			$	-

 

Reconciliation of income tax expense at the federal statutory rate

		March 31, 2014				March 31, 2013
Computed Tax at Expected Statutory Rate		$	(144,858	)		$	(135,684	)
Non-US Income Taxed at Different Rates			44,858				38,059
Non-Deductable expenses			-				27,850
Valuation allowance			100,000				69,775
Income Tax Expense		$	-			$	-

 

Components of income tax expense (benefit) from continuing operations

Current Tax Expense		2013				2012
Danish Income Tax		$	-			$	-
Total Current Tax Expense			-				-
Deferred Income Tax Expense (Benefit)
Excess of Tax over Book Depreciation Fixed Assets			-				-
Excess of Tax over Book Depreciation Patents			-				-
Net Operating Loss Carry forwards			(100,000	)			(69,775	)
Change in the Valuation allowance			100,0000				69,775
Total Deferred Tax Expense		$	-			$	-

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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

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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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