Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.8
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Differences between effective tax rate and the statutory federal rate
    December 31, 2013     December 31, 2012  
Tax expense (benefit) computed at "expected" statutory rate    $ 212,200     $ (1,623,524 )
    State income taxes, net of benefit      38,111       (178,110 )
Permanent differences :                
    Stock based compensation and consulting     -       14,11  
    Loss (gain) from change in fair value of derivative liability     (11,088 )     (54,652 ) 
    Amortization of debt discount and other non-cash interest     34,482       40,511  
                 
Increase (decrease) in valuation allowance      (273,705)       1,801,660  
Net income tax benefit    $ -     $ -  
Deferred tax assets and liabilities
    December 31, 2013     December 31, 2012  
Deferred tax assets:   $ 9,730,279     $ 10,003,984  
    Net operating loss carryforward                
    Other     -       -  
Total deferred tax assets   $ 9,730,279     $ 10,003,984  
                 
Deferred tax liabilities:                
Book basis of property and equipment in excess of tax basis   $ -     $ -  
Total deferred tax liabilities   $ -     $ -  
                 
Net deferred tax asset before valuation allowance   $ 9,730,279     $ 10,003,984  
Less:  valuation allowance     (9,730,279 )     (10,003,984 )
Net deferred tax asset   $ -     $ -