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8. Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Taxes |
Income Taxes | Income tax expense (benefit) consists of:
|  | Current |  |  | Deferred |  |  | Total |
Year Ended December 31, 2013: |  |  |  |  |  |  |  |  |  |  |  |
US federal |  | $ | –– |  |  | $ | –– |  |  | $ | –– |
State and local |  |  | –– |  |  |  | –– |  |  |  | –– |
Foreign |  |  | 3,944 |  |  |  | –– |  |  |  | 3,944 |
|  | $ | 3,944 |  |  | $ | –– |  |  | $ | 3,944 |
Year Ended December 31, 2014: |  |  |  |  |  |  |  |  |
US federal |  | $ | –– |  |  | $ | –– |  |  | $ | –– |
State and local |  |  | –– |  |  |  | –– |  |  |  | –– |
Foreign |  |  | 7,080 |  |  |  | –– |  |  |  | 7,080 |
|  | $ | 7,080 |  |  | $ | –– |  |  | $ | 7,080 |
A reconciliation of the expected income tax expense or benefit to actual follows:
|  | 2013 |  |  | 2014 |
Computed "expected" US tax (benefit) at Federal statutory rate |  | $ | (362,095 | ) |  | $ | 41,645 |
Change resulting from: |  |  |  |  |  |  |  |
State and local income taxes, net of federal income tax benefit |  |  | –– |  |  |  | –– |
Valuation allowance |  |  | (126,339 | ) |  |  | (281,039 | )
Non––deductible items |  |  | 15,334 |  |  |  | 12,063 |
Expired State Net Operating Losses |  |  | 477,044 |  |  |  | 234,411 |
Income tax expense (benefit) |  | $ | 3,944 |  |  | $ | 7,080 |
Temporary differences at December 31 follow:
|  | 2013 |  |  | 2014 |
Deferred income tax assets: |  |  |  |  |  |
Inventories |  | $ | 165,225 |  |  | $ | 132,511 |
Accounts receivable |  |  | 235,207 |  |  |  | 143,780 |
Intangible assets |  |  | 25,738 |  |  |  | –– |
Accrued expenses |  |  | 44,112 |  |  |  | 36,621 |
Net operating loss and tax credit carry forwards |  |  | 17,977,742 |  |  |  | 17,863,473 |
Plant and equipment |  |  | 15,018 |  |  |  | 4,629 |
Stock compensation |  |  | 89,515 |  |  |  | 90,504 |
Other – investment impairments |  |  | 127,855 |  |  |  | 127,855 |
Total deferred income tax assets |  |  | 18,680,412 |  |  |  | 18,399,373 |
Valuation allowance |  |  | (18,680,412 | ) |  |  | (18,399,373 | )
Net deferred tax assets |  | $ | –– |  |  | $ | –– |
As of December 31, 2014 the Company had federal net operating loss carry forwards of approximately $49,650,000 which are available to offset future taxable income. They are due to expire in varying amounts from 2018 to 2034. As of December 31, 2014, the Company had Massachusetts state net operating loss carry forwards of approximately $4,054,000 which are available to offset future taxable income. They are due to expire in varying amounts from 2031 through 2034. Effective January 1, 2007, the Company adopted the provisions of a new standard which provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Tax positions must meet a "more-likely-than-not" recognition threshold at the effective date to be recognized upon adoption and in subsequent periods. Upon the adoption, and at December 31, 2014 and 2013, the Company did not have any uncertain tax positions. No interest and penalties related to uncertain tax positions were accrued at December 31, 2014 and 2013. The Company files income tax returns in the United States and the United Kingdom. Years subsequent to 2010 are open for U.S. Federal and state income tax reporting and years subsequent to 2009 are open in the United Kingdom.

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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 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 2: 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 Reference 3: 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 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 + Details
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