false
--12-31
FY
2012
2012-12-31
10-K
0001552845
10063249
Yes
Smaller Reporting Company
0
Future Healthcare of America
No
No
0
0
5072
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Spin-Off -</strong> The common shares outstanding, common stock and additional paid in capital have been restated in the December 31, 2011 financial statements to reflect the 10,063,249 common shares, issued by Future Healthcare of America to shareholders of record of FAB Universal on September 5, 2012 to effectively spin-off the operations.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Advertising Costs</strong> - Advertising costs are expensed as incurred and amounted to $54,162 and $31,040 for the periods ending December 31, 2012 and 2011, respectively.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Cash and Cash Equivalents</strong> - The Company considers all highly liquid investments with an original maturity date of three months or less when purchased to be cash equivalents. At December 31, 2012, the Company had no cash balances in excess of federally insured limits.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px">NOTE 8 - CONCENTRATION OF REVENUES</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">For 2012 and 2011, Medicare and Medicaid reimbursement was 33% and 39% of revenue, respectively.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">The following is a break out of revenue by major customer:</p> <p style="MARGIN: 0px"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="127"> </td> <td width="83"> </td> <td width="18"> </td> <td width="84"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="83"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="84"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="MARGIN: 0px">Medicare</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: right">$ 544,331</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: right">$ 476,078</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="MARGIN: 0px">Medicaid</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: right">906,754</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: right">912,261</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="MARGIN: 0px">All Other</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: right">2,930,433</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: right">2,037,382</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="MARGIN: 0px">Total Sales</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: right">$ 4,381,518</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: right">$ 3,425,721</p> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"> <!--StartFragment--><strong>Organization</strong> - On June 22, 2012, FAB Universal (FAB) formed Future Healthcare of America ("FHA"), a wholly owned subsidiary. On October 1, 2012, FHA operations were spun-off in a 1 for 1 dividend to the shareholders of record of FAB on September 5, 2012, the record date. Interim Healthcare of Wyoming, Inc. ("Interim"), a Wyoming corporation, a wholly owned subsidiary of Future Healthcare of America, was organized on September 30, 1991. Interim operates primarily in the home healthcare and healthcare staffing services in Wyoming and Montana. On April 3, 2007, Interim purchased the operations of Professional Personnel, Inc., d.b.a., Professional Nursing Personnel Pool.<!--EndFragment--></p> </div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Depreciation</strong> - Depreciation of property and equipment is provided on the straight-line method over the estimated useful lives.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><em>Long-lived intangible assets</em></p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">FHA evaluates its long-lived assets for impairment whenever events or change in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to the future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the excess of the carrying amount over the fair value of the asset.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Loss Per Share</strong> - The Company computes loss per share in accordance with FASB ASC Topic 260 Earnings Per Share, which requires the Company to present basic earnings per share and diluted earnings per share when the effect is dilutive (see Note 7).</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px">NOTE 7 -LOSS PER SHARE</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">The following data shows the amounts used in computing loss per share and the weighted average number of shares of common stock outstanding for the periods presented for the periods ended:</p> <p style="MARGIN: 0px"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="355"> </td> <td width="21"> </td> <td width="86"> </td> <td width="17"> </td> <td width="90"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="355"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: center">December 31, 2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="17"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="90"> <p style="MARGIN: 0px; text-align: center">December 31, 2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="355"> <p style="MARGIN: 0px">Loss from continuing operations available to common stockholders (numerator)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; text-align: right">(577,957)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">(347,438)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="355"> <p style="MARGIN: 0px">Loss available to common stockholders (numerator)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="86"> <p style="MARGIN: 0px; text-align: right">(577,957)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">(347,438)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="355"> <p style="MARGIN: 0px">Weighted average number of common shares outstanding during the period used in loss per share (denominator)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; text-align: right">10,063,249</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">10,063,249</p> </td> </tr> </table> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Fair Value of Financial Instruments</strong> - The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</p> <p style="MARGIN: 0px"> </p> <p style="FLOAT: left; FONT-FAMILY: Arial Unicode MS,Times New Roman; MARGIN-BOTTOM: -2px; MARGIN-TOP: 0px; TEXT-INDENT: 24px; WIDTH: 48px"> •</p> <p style="TEXT-INDENT: -2px; MARGIN: 0px; PADDING-LEFT: 48px">Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;</p> <p style="CLEAR: left; FLOAT: left; FONT-FAMILY: Arial Unicode MS,Times New Roman; MARGIN-BOTTOM: -2px; MARGIN-TOP: 0px; TEXT-INDENT: 24px; WIDTH: 48px"> •</p> <p style="TEXT-INDENT: -2px; MARGIN: 0px; PADDING-LEFT: 48px">Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</p> <p style="CLEAR: left; FLOAT: left; FONT-FAMILY: Arial Unicode MS,Times New Roman; MARGIN-BOTTOM: -2px; MARGIN-TOP: 0px; TEXT-INDENT: 24px; WIDTH: 48px"> •</p> <p style="TEXT-INDENT: -2px; MARGIN: 0px; PADDING-LEFT: 48px">Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</p> <p style="MARGIN: 0px; CLEAR: left"><br /> </p> <p style="MARGIN: 0px">Unless otherwise disclosed, the fair value of the Company's financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable and accrued expenses approximates their recorded values due to their short-term maturities.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Goodwill -</strong> Goodwill is evaluated for impairment annually in the fourth quarter of the Company's fiscal year, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill or a significant decrease in expected cash flows. The company recorded an impairment charge of $1,109,852 on goodwill, during the quarter ended December 31, 2012 as the estimated fair value of the reporting units was less than their estimated fair values.</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Goodwill</strong> - The following is a summary of goodwill:</p> <p style="MARGIN: 0px"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="235"> </td> <td width="15"> </td> <td width="104"> </td> <td width="15"> </td> <td width="92"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="212" colspan="3"> <p style="MARGIN: 0px; text-align: center">For the Years Ended</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="104"> <p style="MARGIN: 0px; text-align: center">December 31, 2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: center">December 31, 2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="104"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="92"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Goodwill at beginning of period</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px"> $</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="104"> <p style="MARGIN: 0px; text-align: right">1,189,661</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px"> $</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: right">1,920,486</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Impairment</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="104"> <p style="MARGIN: 0px; text-align: right">(1,109,852)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: right">(730,825)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Goodwill at end of period</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="top" width="104"> <p style="MARGIN: 0px; text-align: right">79,809</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="top" width="92"> <p style="MARGIN: 0px; text-align: right">1,189,661</p> </td> </tr> </table> <p style="MARGIN: 0px"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="241"> </td> <td width="21"> </td> <td width="90"> </td> <td width="21"> </td> <td width="90"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="MARGIN: 0px">Goodwill consists of:</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="MARGIN: 0px">Interim Healthcare of Wyoming - Casper</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px"> $</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">585,881</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="MARGIN: 0px">Interim Healthcare of Wyoming - Billings</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">79,809</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">603,780</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="MARGIN: 0px">Total Goodwill</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">79,809</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">1,189,661</p> </td> </tr> </table> <!--EndFragment--></div> </div>
730825
1109852
1119932
1425944
-347438
-577957
-347438
-577957
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px">NOTE 5 - INCOME TAXES</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">The Company accounts for income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes which requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards. At December 31, 2012 and 2011, the total of all deferred tax assets was $431,582 and $104,965, respectively, and the total of the deferred tax assets related to goodwill was $368,050 and $12,362, respectively. The amount of and ultimate realization of the benefits from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company's future earnings, and other future events. The Company believes it is more likely than not that the Company will have earnings in the near future and will realize the benefit of the deferred tax assets.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">The components of income tax expense (benefit) from continuing operations for the Years ended December 31, 2012 and 2011 consist of the following:</p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="223"> </td> <td width="15"> </td> <td width="80"> </td> <td width="15"> </td> <td width="80"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="176" colspan="3"> <p style="MARGIN: 0px; text-align: center">For the Years Ended</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="176" colspan="3"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="80"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="80"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Current tax expense:</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Federal</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">State</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Current tax expense</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Deferred tax expense (benefit):</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Allowance for doubtful accounts</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(368)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 5,072</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Bonus accrual</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 5,071</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(3,391)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Vacation accrual</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 8,356</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(337)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Goodwill</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(355,689)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(218,377)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Net operating loss carryforward</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 16,012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 22,533</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Subtotal deferred tax expense/(benefit)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(326,618)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> (194,500)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Income tax expense/(benefit)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(326,618)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> (194,500)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> </table> <p style="MARGIN: 0px">Deferred income tax expense/(benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">A reconciliation of income tax expense at the federal statutory rate to income tax expense at the company's effective rate is as follows: </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="271"> </td> <td width="15"> </td> <td width="80"> </td> <td width="15"> </td> <td width="80"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="176" colspan="3"> <p style="MARGIN: 0px; text-align: center">For the Years Ended</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="176" colspan="3"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="80"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="80"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Current deferred tax assets:</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Computed tax at the expected statutory rate</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(307,555)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(184,259)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">State and local income taxes, net of federal</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(20,083)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(11,959)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Other non-deductible expenses</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 1,020</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 1,718</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Income tax expense/(benefit)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(326,618)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> (194,500)</p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: center"><br /> </p> <p style="MARGIN: 0px">The temporary differences, tax credits and carryforwards gave rise to the following deferred tax asset December 31, 2012 and 2011:</p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="271"> </td> <td width="15"> </td> <td width="92"> </td> <td width="15"> </td> <td width="86"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Current deferred tax assets (liabilities):</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Allowance for doubtful accounts</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 7,318</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 6,950</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Bonus accrual</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 5,071</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Vacation accrual</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 8,356</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Total current deferred tax assets (liabilities)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 7,318</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 20,377</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Long-term deferred tax assets (liabilities):</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 24px"> Excess of goodwill/intangible assets amortization for book over tax</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 368,050</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 12,362</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Net operating loss carryforward</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 56,214</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 72,226</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Total long-term deferred tax assets (liabilities)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 424,264</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 84,588</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Net term deferred tax assets (liabilities)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 431,582</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 104,965</p> </td> </tr> </table> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">At December 31, 2012, the company has loss carryforwards of approximately $155,000 that expire in various years through 2032.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">We file U.S. federal, and U.S. states returns, and we are generally no longer subject to tax examinations for years prior to 2008 for U.S. federal and U.S. states tax returns.</p> <!--EndFragment--></div> </div>
0
0
-194500
-326618
-194500
-326618
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Income Taxes</strong> - The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This topic requires an asset and liability approach for accounting for income taxes (see Note 5).</p> <!--EndFragment--></div> </div>
-184259
-307555
1718
1020
-11959
-20083
29499
14527
86270
193978
55034
68359
-3843
1949
-3357
56576
261
221
447
0
447
0
550027
783095
73872
73880
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Leases -</strong> The Company accounts for leases in accordance with Accounting Standards Codification ("ASC") Topic 840, (formerly Statement of Financial Accounting Standards SFAS No. 13 "Accounting for Leases"). Leases that meet one or more of the capital lease criteria of standard are recorded as a capital lease, all other leases are operating leases.</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px">NOTE 6 - LEASES</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Operating Lease</strong> - The Company leases office space in Casper, Wyoming for $4,750 a month through June 2018. The Company further leases space in Billings, Montana for of $1,406 a month through February 2014.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px; text-align: justify">The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of one year as of December 31, 2012 are as follows:</p> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="193"> </td> <td width="18"> </td> <td width="24"> </td> <td width="102"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">Year ending December 31:</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="102"> <p style="MARGIN: 0px; text-align: justify">Lease Payments</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2013</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="MARGIN: 0px; text-align: center">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">74,732</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2014</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">61,517</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2015</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">58,704</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2016</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">58,704</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2017</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">58,704</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">Thereafter</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">29,352</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">Total Minimum Lease Payment</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="MARGIN: 0px; text-align: center">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">341,713</p> </td> </tr> </table> <p style="MARGIN: 0px; text-align: justify"><br /> </p> <p style="MARGIN: 0px">Lease expense charged to operations was $73,880 and $73,872 for the periods ended December 31, 2012 and 2011, respectively.</p> <!--EndFragment--></div> </div>
137185
222021
2231531
1368505
137185
222021
151249
-369905
0
0
177989
43218
-347438
-577957
0
0
0
0
-347438
-577957
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Recently Enacted Accounting Standards - R</strong>ecent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.</p> <!--EndFragment--></div> </div>
1118
8918
1662988
2339437
-543056
-913493
341713
74732
58704
58704
58704
61517
29352
155000
2032
1304
8697
0
-369905
0
0
0
15349
71925
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Reclassification</strong> - The financial statements for the period ended prior to December 31, 2012 have been reclassified to conform to the headings and classifications used in the December 31, 2012 financial statements.</p> <!--EndFragment--></div> </div>
0
151250
0
151249
-369905
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px">NOTE 2 - PROPERTY & EQUIPMENT</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">The following is a summary of property and equipment at:</p> <p style="MARGIN: 0px"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="235"> </td> <td width="60"> </td> <td width="21"> </td> <td width="86"> </td> <td width="21"> </td> <td width="98"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="60"> <p style="MARGIN: 0px; text-align: center"><br /> </p> <p style="MARGIN: 0px; text-align: center">Life</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: center">December 31,</p> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="98"> <p style="MARGIN: 0px; text-align: center">December 31,</p> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="86"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="98"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Furniture, fixtures and equipment</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="MARGIN: 0px">2-10 yrs</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 50,397</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="98"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 89,084</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="top" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 50,397</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="top" width="98"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 89,084</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Less: Accumulated depreciation</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: right">(49,782)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="98"> <p style="MARGIN: 0px; text-align: right">(84,809)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Property & equipment, net</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 615</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="top" width="98"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 4,275</p> </td> </tr> </table> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">Depreciation expense for the periods ended December 31, 2012 and 2011 was $3,430 and $5,325, respectively.</p> <!--EndFragment--></div> </div>
89084
50397
89084
50397
4275
615
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="60"> <p style="MARGIN: 0px; text-align: center"><br /> </p> <p style="MARGIN: 0px; text-align: center">Life</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: center">December 31,</p> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="98"> <p style="MARGIN: 0px; text-align: center">December 31,</p> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="86"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="98"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Furniture, fixtures and equipment</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="MARGIN: 0px">2-10 yrs</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 50,397</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="98"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 89,084</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="top" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 50,397</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="top" width="98"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 89,084</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Less: Accumulated depreciation</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: right">(49,782)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="98"> <p style="MARGIN: 0px; text-align: right">(84,809)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Property & equipment, net</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="60"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 615</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="top" width="98"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 4,275</p> </td> </tr> <!--EndFragment--></table> </div> </div>
P2Y
P10Y
-14000
0
382137
576116
509155
-68802
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Revenue Recognition</strong> - Revenue is generated from various payer's including Medicare, Medicaid, Insurance Companies, and various other entities and individuals. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 605, Revenue is recognized when persuasive evidence of an arrangement exists, services have been provided, the price of services is fixed or determinable, and collection is reasonably assured. Payments received prior to services being provided are recorded as a liability (deferred revenue) until such services are performed. Revenue is recorded as net revenue where contractual adjustments and discounts are deducted from Gross Revenue to determine net revenue.</p> <!--EndFragment--></div> </div>
3425721
4381518
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="355"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: center">December 31, 2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="17"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="90"> <p style="MARGIN: 0px; text-align: center">December 31, 2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="355"> <p style="MARGIN: 0px">Loss from continuing operations available to common stockholders (numerator)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; text-align: right">(577,957)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">(347,438)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="355"> <p style="MARGIN: 0px">Loss available to common stockholders (numerator)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="86"> <p style="MARGIN: 0px; text-align: right">(577,957)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">(347,438)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="355"> <p style="MARGIN: 0px">Weighted average number of common shares outstanding during the period used in loss per share (denominator)</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; text-align: right">10,063,249</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="17"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">10,063,249</p> </td> </tr> <!--EndFragment--></table> </div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="176" colspan="3"> <p style="MARGIN: 0px; text-align: center">For the Years Ended</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="176" colspan="3"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="80"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="80"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Current tax expense:</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Federal</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">State</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Current tax expense</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">0</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Deferred tax expense (benefit):</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Allowance for doubtful accounts</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(368)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 5,072</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Bonus accrual</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 5,071</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(3,391)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Vacation accrual</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 8,356</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(337)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Goodwill</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(355,689)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(218,377)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px; PADDING-LEFT: 9px">Net operating loss carryforward</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 16,012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 22,533</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Subtotal deferred tax expense/(benefit)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(326,618)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> (194,500)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="223"> <p style="MARGIN: 0px">Income tax expense/(benefit)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(326,618)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> (194,500)</p> </td> </tr> <!--EndFragment--></table> </div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="86"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Current deferred tax assets (liabilities):</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Allowance for doubtful accounts</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 7,318</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 6,950</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Bonus accrual</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 5,071</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Vacation accrual</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 8,356</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Total current deferred tax assets (liabilities)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 7,318</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 20,377</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Long-term deferred tax assets (liabilities):</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="TEXT-INDENT: -12px; MARGIN: 0px; PADDING-LEFT: 24px"> Excess of goodwill/intangible assets amortization for book over tax</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 368,050</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 12,362</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Net operating loss carryforward</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 56,214</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 72,226</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Total long-term deferred tax assets (liabilities)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 424,264</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 84,588</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Net term deferred tax assets (liabilities)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="92"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 431,582</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="86"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 104,965</p> </td> </tr> <!--EndFragment--></table> </div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="176" colspan="3"> <p style="MARGIN: 0px; text-align: center">For the Years Ended</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="176" colspan="3"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="80"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="80"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Current deferred tax assets:</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Computed tax at the expected statutory rate</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(307,555)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(184,259)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">State and local income taxes, net of federal</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(20,083)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(11,959)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px; PADDING-LEFT: 12px">Other non-deductible expenses</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 1,020</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> 1,718</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="271"> <p style="MARGIN: 0px">Income tax expense/(benefit)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="80"> <p style="MARGIN: 0px; text-align: right">(326,618)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px; text-align: right">$</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="80"> <p style="MARGIN: 0px; PADDING-RIGHT: 4px; text-align: right"> (194,500)</p> </td> </tr> <!--EndFragment--></table> </div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">Year ending December 31:</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="102"> <p style="MARGIN: 0px; text-align: justify">Lease Payments</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2013</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="MARGIN: 0px; text-align: center">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">74,732</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2014</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">61,517</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2015</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">58,704</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2016</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">58,704</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">2017</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">58,704</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">Thereafter</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">29,352</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="193"> <p style="MARGIN: 0px; text-align: justify">Total Minimum Lease Payment</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="24"> <p style="MARGIN: 0px; text-align: center">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="102"> <p style="MARGIN: 0px; text-align: right">341,713</p> </td> </tr> <!--EndFragment--></table> </div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="212" colspan="3"> <p style="MARGIN: 0px; text-align: center">For the Years Ended</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="104"> <p style="MARGIN: 0px; text-align: center">December 31, 2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: center">December 31, 2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="104"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="92"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Goodwill at beginning of period</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px"> $</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="104"> <p style="MARGIN: 0px; text-align: right">1,189,661</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px"> $</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: right">1,920,486</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Impairment</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="104"> <p style="MARGIN: 0px; text-align: right">(1,109,852)</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="92"> <p style="MARGIN: 0px; text-align: right">(730,825)</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="235"> <p style="MARGIN: 0px">Goodwill at end of period</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="top" width="104"> <p style="MARGIN: 0px; text-align: right">79,809</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="15"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="top" width="92"> <p style="MARGIN: 0px; text-align: right">1,189,661</p> </td> </tr> </table> <p style="MARGIN: 0px"><br /> </p> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"> <tr style="FONT-SIZE: 0px"> <td width="241"> </td> <td width="21"> </td> <td width="90"> </td> <td width="21"> </td> <td width="90"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="MARGIN: 0px">Goodwill consists of:</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: center">December 31,</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="MARGIN: 0px">Interim Healthcare of Wyoming - Casper</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px">$</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">0</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px"> $</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">585,881</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="MARGIN: 0px">Interim Healthcare of Wyoming - Billings</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">79,809</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">603,780</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="241"> <p style="MARGIN: 0px">Total Goodwill</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px">$</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">79,809</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="21"> <p style="MARGIN: 0px"> $</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid" valign="bottom" width="90"> <p style="MARGIN: 0px; text-align: right">1,189,661</p> </td> </tr> </table> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0"><!--StartFragment--> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="83"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="84"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: center">2012</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: center">2011</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="MARGIN: 0px">Medicare</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: right">$ 544,331</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: right">$ 476,078</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="MARGIN: 0px">Medicaid</p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: right">906,754</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: right">912,261</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="MARGIN: 0px">All Other</p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: right">2,930,433</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: right">2,037,382</p> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="127"> <p style="MARGIN: 0px">Total Sales</p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="83"> <p style="MARGIN: 0px; text-align: right">$ 4,381,518</p> </td> <td style="MARGIN-TOP: 0px" valign="top" width="18"> <p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"> </p> </td> <td style="BORDER-BOTTOM: #000000 3px double; MARGIN-TOP: 0px" valign="bottom" width="84"> <p style="MARGIN: 0px; text-align: right">$ 3,425,721</p> </td> </tr> <!--EndFragment--></table> </div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px">NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Organization</strong> - On June 22, 2012, FAB Universal (FAB) formed Future Healthcare of America ("FHA"), a wholly owned subsidiary. On October 1, 2012, FHA operations were spun-off in a 1 for 1 dividend to the shareholders of record of FAB on September 5, 2012, the record date. Interim Healthcare of Wyoming, Inc. ("Interim"), a Wyoming corporation, a wholly owned subsidiary of Future Healthcare of America, was organized on September 30, 1991. Interim operates primarily in the home healthcare and healthcare staffing services in Wyoming and Montana. On April 3, 2007, Interim purchased the operations of Professional Personnel, Inc., d.b.a., Professional Nursing Personnel Pool. </p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Spin-Off -</strong> The common shares outstanding, common stock and additional paid in capital have been restated in the December 31, 2011 financial statements to reflect the 10,063,249 common shares, issued by Future Healthcare of America to shareholders of record of FAB Universal on September 5, 2012 to effectively spin-off the operations.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Accounting Estimates</strong> - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management made assumptions and estimates for determining reserve for accounts receivable, obsolete inventory and in determining the impairment of definite life intangible assets and goodwill. Actual results could differ from those estimated by management.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Reclassification</strong> - The financial statements for the period ended prior to December 31, 2012 have been reclassified to conform to the headings and classifications used in the December 31, 2012 financial statements.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Cash and Cash Equivalents</strong> - The Company considers all highly liquid investments with an original maturity date of three months or less when purchased to be cash equivalents. At December 31, 2012, the Company had no cash balances in excess of federally insured limits.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Accounts Receivable</strong> - Accounts receivable consist of trade receivables arising in the normal course of business. At December 31, 2012 and 2011, the Company has an allowance for doubtful accounts of $20,200 and $20,200, respectively, which reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. During the years ended December 31, 2012 and 2011, the Company adjusted the allowance for bad debt by $0.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Depreciation</strong> - Depreciation of property and equipment is provided on the straight-line method over the estimated useful lives.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><em>Long-lived intangible assets</em></p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">FHA evaluates its long-lived assets for impairment whenever events or change in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to the future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is the excess of the carrying amount over the fair value of the asset.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Leases -</strong> The Company accounts for leases in accordance with Accounting Standards Codification ("ASC") Topic 840, (formerly Statement of Financial Accounting Standards SFAS No. 13 "Accounting for Leases"). Leases that meet one or more of the capital lease criteria of standard are recorded as a capital lease, all other leases are operating leases.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Goodwill -</strong> Goodwill is evaluated for impairment annually in the fourth quarter of the Company's fiscal year, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Triggering events that may indicate impairment include, but are not limited to, a significant adverse change in customer demand or business climate that could affect the value of goodwill or a significant decrease in expected cash flows. The company recorded an impairment charge of $1,109,852 on goodwill, during the quarter ended December 31, 2012 as the estimated fair value of the reporting units was less than their estimated fair values.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Loss Per Share</strong> - The Company computes loss per share in accordance with FASB ASC Topic 260 Earnings Per Share, which requires the Company to present basic earnings per share and diluted earnings per share when the effect is dilutive (see Note 7).</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Income Taxes</strong> - The Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes. This topic requires an asset and liability approach for accounting for income taxes (see Note 5).</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Advertising Costs</strong> - Advertising costs are expensed as incurred and amounted to $54,162 and $31,040 for the periods ending December 31, 2012 and 2011, respectively.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Fair Value of Financial Instruments</strong> - The Company accounts for fair value measurements for financial assets and financial liabilities in accordance with FASB ASC Topic 820. The authoritative guidance, which, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</p> <p style="MARGIN: 0px"> </p> <p style="FLOAT: left; FONT-FAMILY: Arial Unicode MS,Times New Roman; MARGIN-BOTTOM: -2px; MARGIN-TOP: 0px; TEXT-INDENT: 24px; WIDTH: 48px"> •</p> <p style="TEXT-INDENT: -2px; MARGIN: 0px; PADDING-LEFT: 48px">Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;</p> <p style="CLEAR: left; FLOAT: left; FONT-FAMILY: Arial Unicode MS,Times New Roman; MARGIN-BOTTOM: -2px; MARGIN-TOP: 0px; TEXT-INDENT: 24px; WIDTH: 48px"> •</p> <p style="TEXT-INDENT: -2px; MARGIN: 0px; PADDING-LEFT: 48px">Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</p> <p style="CLEAR: left; FLOAT: left; FONT-FAMILY: Arial Unicode MS,Times New Roman; MARGIN-BOTTOM: -2px; MARGIN-TOP: 0px; TEXT-INDENT: 24px; WIDTH: 48px"> •</p> <p style="TEXT-INDENT: -2px; MARGIN: 0px; PADDING-LEFT: 48px">Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.</p> <p style="MARGIN: 0px; CLEAR: left"><br /> </p> <p style="MARGIN: 0px">Unless otherwise disclosed, the fair value of the Company's financial instruments including cash, accounts receivable, prepaid expenses, and accounts payable and accrued expenses approximates their recorded values due to their short-term maturities.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Revenue Recognition</strong> - Revenue is generated from various payer's including Medicare, Medicaid, Insurance Companies, and various other entities and individuals. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 605, Revenue is recognized when persuasive evidence of an arrangement exists, services have been provided, the price of services is fixed or determinable, and collection is reasonably assured. Payments received prior to services being provided are recorded as a liability (deferred revenue) until such services are performed. Revenue is recorded as net revenue where contractual adjustments and discounts are deducted from Gross Revenue to determine net revenue.</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Recently Enacted Accounting Standards - R</strong>ecent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on the Company's present or future financial statements.</p> <!--EndFragment--></div> </div>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px">NOTE 4 - CAPITAL STOCK</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px"><strong>Common Stock</strong> - The Company has authorized 200,000,000 shares of common stock, $0.001 par value. As of December 31, 2012, 10,063,249 shares were issued and outstanding. </p> <p style="MARGIN: 0px; text-align: center"><br /> </p> <p style="MARGIN: 0px"><strong>Spin-Off -</strong> The common shares outstanding, common stock and additional paid in capital have been restated in the December 31, 2011 financial statements to reflect the 10,063,249 common shares, issued by Future Health Care of America to shareholders of record of FAB Universal on September 5, 2012 to effectively spin-off the operations.</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px">NOTE 9 - SUBSEQUENT EVENTS</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">Subsequent events have been evaluated through the date and time of this report:</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Accounts Receivable</strong> - Accounts receivable consist of trade receivables arising in the normal course of business. At December 31, 2012 and 2011, the Company has an allowance for doubtful accounts of $20,200 and $20,200, respectively, which reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. During the years ended December 31, 2012 and 2011, the Company adjusted the allowance for bad debt by $0.</p> <!--EndFragment--></div> </div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 672px"> <p style="MARGIN: 0px"><strong>Accounting Estimates</strong> - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management made assumptions and estimates for determining reserve for accounts receivable, obsolete inventory and in determining the impairment of definite life intangible assets and goodwill. Actual results could differ from those estimated by management.</p> <!--EndFragment--></div> </div>
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