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INCOME TAXES

12 Months Ended

Dec. 31, 2014

NOTE 17 – INCOME TAXES

During 2014 and 2013, the Company incurred net losses, and therefore had no tax liability. The net deferred tax asset generated by the loss carry forward has been fully reserved. The cumulative net loss carry forward is approximately $101,193,948 and $96,624,455 for the years ended December 31, 2014 and 2013 respectively, and will expire in the years 2021 through 2034.

At December 31, 2014, the net deferred tax asset based on a 34% tax rate consisted of the following:

	12/31/2014			12/31/2013

Net operating loss	$	34,405,942		$	32,852,315

Less: Valuation allowance		(34,405,942	)		(32,852,315	)

Net deferred tax asset	$	-		$	-

After evaluating our own potential tax uncertainties, the Company has determined that there are no material uncertain tax positions that have a greater than 50% likelihood of reversal if the Company were to be audited. Our tax returns for the years ended December 31, 2014 and 2013 may be subject to IRS audit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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