Annual report pursuant to section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Summary of Deferred tax asset (Liability)
 
   
2012
   
2011
 
                 
Net tax loss carry forwards   
 
$
    2,358,000
   
$
    1,160,000
 
Stock based compensation
   
 1,549,000
     
 1,630,000
 
Amortization of debt discount
   
21,000
         
Depreciation
   
(98,000
) 
   
(40,000
) 
Tax credit carry forward
   
255,000
     
 36,000
 
     
4,085,000
     
 2,786,000
 
Valuation allowance
   
(4,085,000
) 
   
(2,786,000
) 
Non current deferred income tax assets
 
$
                0
   
$
                0
 
Summary of reconciliation of federal statutory income tax rate and effective income tax rate
 
   
For the Years Ended
December 31,
2012 and 2011
 
         
Federal statutory income tax rate
   
  15.0
%
State taxes net of federal benefit
   
   5.0
%
     
  20.0
%
Change in valuation allowance on deferred tax asset
   
  (20.0
)%
Effective income tax rate
   
    0.0
%