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INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2015
Income Taxes Tables  
Provision (benefit) for income taxes

The provision (benefit) for income taxes from continued operations for the period ended June 30, 2015 and the year ended December 31, 2014 consist of the following:

 

    June 30,     December 31,  
    2015     2014  
Current:            
Federal AMT   $ 5,000     $ 24,354  
State     24,758       147,000  
      29,758       171,354  
Deferred:                
Federal   $ 89,760     $ 626,280  
State     -       -  
      89,760       626,280  
Change in valuation allowance     (89,760 )     (626,280 )
Provision (benefit) for income taxes, net   $ 29,758     $ 171,354  

 

Deferred tax assets

Deferred income taxes result from temporary differences in the recognition of income and expenses for the financial reporting purposes and for tax purposes. The components of deferred tax assets consist principally from the following:

 

  June 30,   December 31,  
  2015   2014  
         
Net operating loss carryforwards   $ 6,492,000     $ 6,602,000  
Valuation allowance     (5,803,000 )     (5,913,000 )
                 
Deferred income tax asset   $ 689,000     $ 689,000