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10. Income taxes:
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Dec. 31, 2012
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| Income Tax Disclosure [Text Block] |
10. Income
taxes:
The
provision for income taxes differs from the result that would
be obtained by applying the statutory tax rate of 34% (2011 -
34%) to income before income taxes. The difference results
from the following items:
The
components of the net deferred income tax asset, the
statutory tax rate and the amount of the valuation allowance
are as follows:
The
potential benefit of the deferred income tax asset has not
been recognized in these financial statements since it cannot
be assured that it is more likely than not that such benefit
will be utilized in future years.
The
Company believes that the available objective evidence
creates sufficient uncertainty regarding the realizability of
the deferred income tax assets such that a full valuation
allowance has been recorded.
The
operating losses amounting to $28,789,460 for utilization in
the United States of America, the jurisdiction where they
were incurred, will expire between 2019 and 2032 if they are
not used. The following table lists the fiscal year in which
the loss was incurred and the expiration date of the
operating loss carry-forwards:
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