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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Schedule of Components of Income Tax Provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Year Ended December 31,

 

 

  

2012

 

 

2011

 

 

2010

 

Deferred:

  

 

 

 

 

 

 

 

 

 

 

 

Federal

  

$

4,586,506

  

 

$

11,367,771

  

 

$

5,650,309

  

State and local

  

 

493,946

  

 

 

1,437,062

  

 

 

464,169

  

 

  

 

5,080,452

  

 

 

12,804,833

  

 

 

6,114,478

  

Valuation allowance

  

 

(5,080,452

)

 

 

(12,804,833

 

 

(6,114,478

 

  

$

  

 

$

  

 

$

  

 

Schedule of Reconciliation of Federal Income Tax Rate

 

 

 

 

 

 

 

 

 

 

 

  

Year Ended December 31,

 

  

2012

 

2011

 

2010

U.S. statutory income tax rate

  

34.0 

 

34 

 

34 

State and local taxes, net of federal tax benefit

  

5.2 

 

4.5 

 

2.3 

Permanent differences between book and tax and other

  

14.4 

 

1.5 

 

(5.6 

)% 

Valuation allowance

  

(53.6 

)% 

 

(40.0 

)% 

 

(30.7 

)% 

Effective income tax rate

  

 

 

 

Schedule of Deferred Tax Assets

 

 

 

 

 

 

 

 

 

 

  

December 31,

 

 

  

2012

 

 

2011

 

Current accruals

  

$

1,753,064

 

 

$

1,751,515

  

Depreciation and amortization

  

 

2,676,884

 

 

 

2,644,059

  

Deferred compensation

  

 

5,332,415

 

 

 

4,648,719

  

Net operating loss carryovers

  

 

127,477,179

 

 

 

123,114,797

  

Deferred tax assets

  

 

137,239,542

 

 

 

132,159,090

  

Valuation allowance

  

 

(137,239,542

 

 

(132,159,090

Net deferred tax assets

  

$

  

 

$