Income Taxes

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note 5.

Income Taxes

The Company is a “C” corporation for Federal tax purposes, and has provided for deferred income taxes for temporary differences between the financial statement and tax bases of its assets and liabilities. As of December 31, 2011 and 2010, the Company has an unused net operating loss carryforward of $203,340 and $136,386 available for use on its future corporate income tax returns which will expire during the years 2020 through 2031. As of December 31, 2011 and 2010, the Company has an unused net capital loss carryforward of $4,400,421 and $4,404,129 available for use on its future corporate income tax returns which will expire during the years 2013.The Company has not recorded a deferred tax liability of approximately $785 arising from its temporary basis differences, as its realization, which is in the Company’s control will be made during a period it can be carriedback to previously incurred losses. Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of any of the Company’s net operating loss carry forwards may be limited if cumulative changes in ownership of more than 50% occur during any three year period. Cumulative temporary differences at December 31, 2011 and 2010 are as follows:

	December 31,
	2011			2010
Net deferred tax assets:
Temporary basis difference		($785	)	$	588
Net capital loss carryover		1,655,879			1,657,274
Net operating losses carryover		79,200			53,122
		1,734,294			1,710,984
Valuation allowance		(1,734,294	)		(1,710,984	)
	$	--		$	--

Income tax provision for the years ended December 31, 2011 and 2010 is comprised of:

	December 31,
	2011			2010
Current income tax provision (benefit)	$	--		$	--
Deferred income tax provision (benefit)		(23,310	)		4,065
Change in valuation allowance		23,310			(4,065	)
Income tax benefit	$	--		$	--

The reconciliation of the provision for income taxes for the years ended December 31, 2011 and 2010, and the amount computed by applying the statutory federal income tax rate to net loss is as follows:

	December 31,
	2011			2010
Tax provision(benefit) at statutory rate	($	20,263	)	$	4,042
State taxes, net of federal expense		(3,047	)		23
Change of valuation allowance		23,310			(4,065	)
	$	-		$	-