• Filing Date: 2013-04-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Reconciliations of the expected federal income tax benefit (TABLE)
12 Months Ended
Dec. 31, 2012
Reconciliations of the expected federal income tax benefit (TABLE)  
Reconciliations of the expected federal income tax benefit (TABLE)

Reconciliations of the expected federal income tax benefit based on the statutory income tax rate of 34% to the actual benefit for the years ended December 31, 2012 and 2011 are listed below.

 

 

2012

 

 

2011

 

Expected federal income tax benefit

 

 

$627,410

 

 

 

$4,220,745

 

Valuation allowance

 

 

(1,928,362

)

 

 

(1,530,637

)

Debt Settlement Expense

 

 

8,940

 

 

 

(383,831

)

Impairment Loss

 

 

(9,195

)

 

 

(1,090,846

)

Derivative Expense

 

 

1,581,360

 

 

 

(836,831

)

Amortization of beneficial Conversion Discount

 

 

(99,632

)

 

 

(291,175

)

Other

 

 

(167,871

)

 

 

(87,969

)

Expiration of Net Operating Loss Carryover

 

 

(12,650

)

 

 

-

 

Income tax expense (benefit)

 

$

-

 

 

$

-