• Filing Date: 2014-04-14
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
11. INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2013
Income Taxes Tables  
Schedule of deferred tax assets

 

    2013     2012  
Asset Reserve Accounts   $ -     $ 984,068  
Valuation allowance     -       (984,068 )
Net benefit recorded     -       -  

 

Non-current deferred tax asset:

 

    2013     2012  
34% of net operating loss carry forwards   $ 9,948,987     $ 9,214,157  
Valuation allowance     (9,948,987 )     (9,214,157 )
Net non-current deferred tax asset     -       -  

 

Schedule of federal statutory rate
    2013     2012  
Expected federal income tax benefit   $ 1,410,350     $ 627,410  
Valuation allowance     (734,830 )     (1,928,362 )
Debt Settlement Expense     -       8,940  
Impairment Loss     -       (9,195 )
Derivative Gain     124,269       1,581,360  
Amortization of debt discounts and financing costs     (290,411 )     (99,632 )
Other     198,464       (167,871 )
Stock-based compensation     (707,842 )     -  
Expiration of Net Operating Loss Carryover     -       (12,650 )
Income tax expense (benefit)   $ -     $ -