21. Income Tax (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Tables

Changes in deferred tax assets and deferred tax liabilities

Deferred tax assets (liabilities):
Net operating loss and capital loss carryforwards	$	8,482,237
Start-up costs (Nixon Refinery)		1,922,708
Basis differences in property and equipment		(1,044,223	)
Other		312,826
Total deferred tax assets		9,673,548
Less: valuation allowance		(9,673,548	)
Deferred tax assets, net	$	-

Effective Tax Rate

Expected tax rate	34.00	%
Permanent differences	(0.17	%)
State tax	(0.04	%)
Change in valuation allowance	(33.84	%)
	(0.05	%)