INCOME TAXES

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

NOTE 9 - INCOME TAXES

As of September 30, 2012, the Company had net operating loss carryforwards of approximately $25,000,000 that may be available to reduce future years' taxable income and will expire between the years 2013 - 2032.  Availability of tax losses is subject to change of ownership limitations under Internal Revenue Code 382.  Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carryforwards.