Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes

Income Tax Disclosure [Text Block]

NOTE 4 - INCOME TAXES

		2011		2010
Net loss before taxes	$	(5,402,628)	$	(108,887)
Income tax expense charged     to loss before taxes	$	--	$	--

A reconciliation of the expected income tax expense, computed by applying a 35% U.S. Federal corporate income tax rate to income before taxes to income tax expense is as follows:

		2011		2010
Expected income tax expense	$	(1,852,800)	$	(37,410)
Share-based payments		1,821,800		38,110
Change in valuation allowance		31,000		(700)
	$	--	$	--

At December 31, 2011 and 2010, the Company had available a net-operating loss carry-forward for Federal tax purposes of approximately $87,600 and $0, respectively, which may be applied against future taxable income, if any, at various times through 2031. Certain significant changes in ownership of the Company may restrict the future utilization of these tax loss carry-forwards. At December 31, 2011, the Company has a deferred tax asset of $30,200 representing the benefit of its net operating loss carry-forward. The Company has not recognized the tax benefit because realization of the tax benefit is uncertain and thus a valuation allowance has been fully provided against the deferred tax asset.

The Company recognizes interest and penalties, if any, related to uncertain tax positions in general and administrative expenses.  No interest and penalties related to uncertain tax positions were accrued at December 31, 2011 and 2010.