Note 2 - Income Taxes

Corporate tax rates range from 10% to 34%. The Company provided a valuation allowance equal to the deferred tax amounts resulting from the tax losses in the United States, as it is not likely that they will be realized.

The U.S. tax losses can be carried forward for 15 to 20 years to offset future taxable income and expire in years 2020 to 2029.

The provision for income taxes for the three months ended March 31, 2012 and 2011 are summarized as follows:

	2012			2011
	(In thousands)

Income tax – current		$	-		$	-
Income tax – deferred			-			-
		$	-		$	-

The Company has deferred tax assets (liabilities) at March 31, 2012 and December 31, 2011 as follows:

	2012				2011
	(In thousands)

Net operating loss carryforwards		$	-			$	-
Valuation allowance			(-	)			(-	)
		$	-			$	-