XML 36 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
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

  

0 

% 

 

0 

% 

 

0 

% 

 

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

  

$

—

  

 

$

—