Income Taxes

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

9. Income Taxes

Income tax expense (benefit) consists of the following:

	2012		2011
Current Taxes:
Federal	$	241,995	$	129,136
State		61,325		62,746
		303,320		191,882
Deferred taxes:
Federal		—		—
State		—		—
		—		—
Income tax expense	$	303,320	$	191,882

Deferred tax assets consist of the following:

	2012			2011
Deferred tax assets:
Compensation expense - other	$	7,838		$	27,982
Compensation expense - restricted stocks		86,226			84,266
Deferred tax assets		94,064			112,248
Less: valuation allowance	$	(94,064	)	$	(112,248	)
		—			—

The Company has a capital loss carryover of $418,157, a portion of which it expects to utilize to offset its other income in the amount of $27,548, in connection with the filing of its income tax returns for the year ended December 31, 2012. The remaining capital loss carryover expires through 2015.

The income tax expense (benefit) differs from the amount computed using the federal statutory rate of 34% as a result of the following:

Year Ended December 31,	2012			2011
Federal Statutory Rate		34	%		34	%
State and local income tax expense (benefit), net of federal tax effect		9	%		14	%
Valuation allowance		—			—
State and local franchise taxes		—			—
Other		1	%		(5	)%
Income tax expense (benefit)		44	%		43	%

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authorities. Tax positions not deemed to meet the more likely than not threshold are recorded as tax benefits or expenses in the current year. Management has analyzed the Company’s tax positions taken on Federal, state and local tax returns for all open tax years, and has concluded that no provision for Federal income tax is required in the Company’s financial statements. The Company reports interest and penalties as income tax expense, which amounted to approximately $7,400 and $12,000 for the years ended December 31, 2012 and 2011, respectively.

The Company is no longer subject to U.S. federal and state and local income tax examinations by tax authorities for years prior to 2009, as these tax years are closed.