2.4.0.8000100 - Disclosure - INCOME TAXEStruefalsefalse1falsefalsefalseD130101_130630http://www.sec.gov/CIK0001399488duration2013-01-01T00:00:002013-06-30T00:00:001true1fil_IncomeTaxesAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2us-gaap_IncomeTaxDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><p style='margin:0in 0in 0pt'><b>6.</b></p> <p style='text-indent:-1.5pt;margin:0in 0in 0pt'><b>INCOME TAXES</b></p> <p style='margin:0in 0in 0pt'> </p> <p style='margin:0in 0in 0pt'>The Company has incurred operating losses of $3,540,654 which, if unutilized, will begin to expire in 2027. Future tax benefits, which may arise as a result of these losses, have not been recognized in these financial statements, and have been offset by a valuation allowance. Details of future income tax assets are as follows:</p> <p style='margin:0in 0in 0pt'> </p> <div align="center"> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="328" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:246pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'></td> <td width="21" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:15.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'></td> <td width="137" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:102.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'></td></tr> <tr> <td valign="bottom" width="328" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:246pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="bottom" width="21" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:15.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="bottom" width="137" style='border-bottom:black 1pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:102.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="center" style='text-align:center;margin:0in 0in 0pt'><b>June 30, 2013</b></p></td></tr> <tr> <td valign="bottom" width="328" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:246pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Future income tax assets:</p></td> <td valign="bottom" width="21" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:15.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="bottom" width="137" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:102.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td></tr> <tr> <td valign="bottom" width="328" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:246pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Net operating loss from October 27, 2008 (inception) to June 30, 2013)</p></td> <td valign="bottom" width="21" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:15.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>$</p></td> <td valign="bottom" width="137" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:102.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>3,540,654</p></td></tr> <tr> <td valign="bottom" width="328" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:246pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Statutory tax rate (combined federal and state)</p></td> <td valign="bottom" width="21" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:15.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="bottom" width="137" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:102.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>40.4%</p></td></tr> <tr> <td valign="bottom" width="328" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:246pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Non-capital tax loss</p></td> <td valign="bottom" width="21" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:15.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="bottom" width="137" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:102.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>1,431,209</p></td></tr> <tr> <td valign="bottom" width="328" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:246pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'>Valuation allowance</p></td> <td valign="bottom" width="21" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:15.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="bottom" width="137" style='border-bottom:black 1pt solid;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:102.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>(1,431,209)</p></td></tr> <tr> <td valign="bottom" width="328" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:246pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p style='margin:0in 0in 0pt'> </p></td> <td valign="bottom" width="21" style='border-bottom:#ece9d8;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:15.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>$</p></td> <td valign="bottom" width="137" style='border-bottom:black 2.25pt double;border-left:#ece9d8;padding-bottom:0in;background-color:transparent;padding-left:0in;width:102.75pt;padding-right:0in;border-top:#ece9d8;border-right:#ece9d8;padding-top:0in'> <p align="right" style='text-align:right;margin:0in 0in 0pt'>-</p></td></tr></table></div> <p style='margin:0in 0in 0pt'> </p> <p style='margin:0in 0in 0pt'>The potential future tax benefits of these losses have not been recognized in these financial statements due to uncertainty of their realization. When the future utilization of some portion of the carry forwards is determined not to be "more likely than not," a valuation allowance is provided to reduce the recorded tax benefits from such assets.</p>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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