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Income Taxes
3 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

Note 4 - Income Taxes

 

For the three months ended March 31, 2015 and 2014, the Company recognized income tax expense of $2,930 and expense of $15,823, respectively.

 

The difference between the three months ended March 31, 2015 effective rate of 0.0% and the Federal statutory rate of 35.0% is primarily due to a full valuation allowance of $844,543 which was recognized at December 31, 2014, has been recognized on the deferred tax assets relating to the net operating loss carry forwards. Should future financial performance change and it is determined the Company can realize the use of these net operating losses, the appropriate tax expense and equity adjustments will be made.

 

The difference between the three months ended March 31, 2014 effective rate of 4.5% and the Federal statutory rate of 35.0% is primarily due to state income taxes (net of federal benefit), change in the valuation allowance, and an adjustment to the income tax receivable.

 

At March 31, 2015 management believes there are no uncertain tax liabilities.