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NOTE 5 - INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

		2012		2011
Net loss before taxes	$	(525,957)	$	(5,293,741)
Income tax expense charged to loss before taxes	$	-	$	-

Income tax disclosure

		2012		2011
Expected income tax expense	$	(184,000)	$	(1,852,800)
Share-based payments		69,000		1,821,800
Loss on settlement of debt		74,000		-
Change in valuation allowance		41,000		31,000
Total	$	-	$	-

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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