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Income Taxes
3 Months Ended
Mar. 31, 2014
Income Tax Disclosure [Abstract]  
Income Taxes

Note 4:  Income Taxes

 

The current provision reflects current income taxes. As of March 31, 2014, the Company had federal and state net operating loss carryforwards of approximately $35,574.  The provision (benefit) for income taxes for the period ended March 31, 2014 was offset by a full valuation allowance.  As of December 31, 2013, the Company’s net operating loss carryforward was $41,046.  The federal and state net operating loss carryforwards will expire at various dates beginning in 2031, if not utilized.  The Company’s deferred tax assets as of March 31, 2014 and December 31, 2013 were $12,095 and $15,581, respectively.  The potential income tax benefit of these losses have been offset by a full valuation allowance

 

Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization.

 

The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the year ending December 31, 2011 through 2013.  The Company recognizes interest and penalties related to income taxes in income tax expense. The Company had incurred no penalties and interest for the periods ended March 31, 2014 and December 31, 2013.