10. Income Taxes:

3 Months Ended

Mar. 31, 2013

Notes to Financial Statements

10. Income Taxes:

There is no provision for income taxes on income in the 2012 period as the Company had available net operating loss carryforward (which had been fully reserved) to offset such income. No tax benefit has been recognized for the loss in the 2013 period as the Company has fully offset the related deferred tax asset by a valuation allowance due to cumulative losses incurred by the Company and its subsidiaries during the prior three years.