INCOME TAXES

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

NOTE H — INCOME TAXES

Deferred income tax assets and liabilities consist of the tax effects of temporary differences related to the following:

	2012			2011
Deferred tax assets
Net operating losses	$	168,000		$	35,000
Organization costs		10,000			13,000
		178,000			48,000
Valuation allowance		(178,000	)		(48,000	)
Net deferred tax assets	$	-		$	-

Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. The Company established a valuation allowance against the entire deferred tax asset at December 31, 2012 and 2011, respectively, due to the fact that it is more likely than not that the deferred tax asset will not be realized in the near-term.

Since the date of inception, the Company has accumulated Federal and state operating loss carryforwards of approximately $420,000 that expire at various dates through 2032. The provision (benefit) for income taxes differs from the amount that would result from applying the federal statutory rate as follows:

	Year Ended December 31,
	2012			2011
U.S Federal statutory rate		(34.0	)%		(34.0	)%
State income taxes, net of federal benefit		(5.9	)		(5.9	)
Permanent differences - warrant valuation		34.9			-
Change in valuation allowance		5.0			39.9
Effective tax rate		-	%		-	%