Income Taxes

3 Months Ended

Mar. 31, 2015

Income Taxes [Abstract]

Income Taxes

Note 6 — Income Taxes

For the three months ended March 31, 2015 and 2014, there are no provisions for income taxes or corporate taxes payable due to the net operating losses of $1,410,283, and $241,981, respectively, incurred in each year.

Deferred income taxes are provided for the differences between the basis of assets and liabilities for financial reporting and income tax purposes. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company has approximately $3,148,000 net operating losses that expire through 2035 and if realized would have a tax benefit of approximately $1,369,000. The Company has recorded a full valuation allowance against this deferred tax benefit since the Company believes it is more likely than not that the Company will not utilize the losses in the future, and accordingly it has not been recorded as a deferred tax asset.

A reconciliation of the provision for income taxes with the amounts computed by applying the statutory Federal income tax rate to income from continuing operations before provision for income taxes is as follows:

	For the three months  ended  March 31, 2015			For the three months ended March 31, 2014
Tax provision at statutory rate - federal		(34.0	%)		(34.0	%)
Tax provision at effective state and local rates		(9.5	%)		(9.5	%)
Effect of valuation allowance on deferred tax asset		43.5	%		43.5	%
Effective tax rate		0.0	%		0.0	%