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
%