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11. INCOME TAXES | 12 Months Ended
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Dec. 31, 2013
Notes to Financial Statements |
Note 11. INCOME TAXES | The Company’s income tax expense consisted of:
|  | December 31, 2013 |  |  | December 31, 2012 |
Current: |  |  |  |  |  |
United States |  | $ | - |  |  | $ | - |
Foreign |  |  | - |  |  |  | - |
|  |  | - |  |  |  | - |
Deferred: |  |  |  |  |  |  |  |
United States |  |  | - |  |  |  | - |
Foreign |  |  | - |  |  |  | - |
|  |  | - |  |  |  | - |
Total |  | $ | - |  |  | $ | - |
The Company’s net income (loss) before income tax consisted of:
|  | December 31, 2013 |  |  | December 31, 2012 |
United States |  | $ | (5,658,312 | ) |  | $ | (1,750,407 | )
Foreign |  |  | - |  |  |  | - |
Total |  | $ | (5,658,312 | ) |  | $ | (1,750,407 | )
The Company’s income tax expense differed from the amounts computed by applying the United States statutory corporate income tax rate for the following reasons:
|  | December 31, 2013 |  |  | December 31, 2012 |
Loss before income tax |  | $ | (5,658,312 | ) |  | $ | (1,750,407 | )
US statutory corporate income tax rate |  |  | 34 | % |  |  | 34 | %
Income tax expense computed at US statutory corporate income tax rate |  |  | (1,923,826 | ) |  |  | (595,138 | )
Reconciling items: |  |  |  |  |  |  |  |
Change in valuation allowance on deferred tax assets |  |  | 429,008 |  |  |  | 166,000 |
Finance charges related to convertible notes |  |  | 1,087,593 |  |  |  | 9,048 |
Amortized debt discount |  |  | 269,787 |  |  |  | - |
Change in fair value of derivative liability |  |  | 118,799 |  |  |  | - |
Other |  |  | 18,639 |  |  |  | 420,090 |
Income tax expense |  | $ | - |  |  | $ | - |
Components of the Company’s deferred income tax assets (liabilities) are as follows:
|  | December 31, 2013 |  |  | December 31, 2012 |
Net deferred income tax assets (liabilities), non-current: |  |  |  |  |  |
Net operating losses |  | $ | 2,187,000 |  |  | $ | 1,428,000 |
Valuation allowances |  |  | (2,187,000 | ) |  |  | (1,428,000 | )
|  | $ | - |  |  | $ | - |
Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws in effect when the differences are expected to reverse. The measurement of deferred income tax assets is reduced, if necessary, by a valuation allowance for any tax benefits, which are, on a more likely than not basis, not expected to be realized; in accordance with ASC guidance for income taxes. Net deferred tax benefits related to the U.S. operations have been fully reserved at December 31, 2013 and 2012. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. For income tax purposes in the United States, the Company had available net operating loss carryforwards ("NOL") as of December 31, 2013 and 2012 of approximately $5,462,000 and $3,672,000, respectively to reduce future federal taxable income. If any of the NOL's are not utilized, they will expire at various dates through 2033. There may be certain limitations as to the future annual use of the NOLs due to certain changes in the Company's ownership.

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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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