U.S. Income Taxes

6 Months Ended

Jun. 30, 2016

U.S. Income Taxes [Abstract]

U.S. INCOME TAXES

NOTE 8 – U.S. INCOME TAXES

Deferred U.S. tax assets are comprised of the following:

	June 30,			December 31,
	2016			2015
U.S. federal net operating loss carry forwards	$	6,691,000		$	6,375,000
U.S. state and city net operating loss carry forwards, net of U.S. federal tax benefit		1,912,000			1,822,000
		8,603,000			8,197,000
Less: Valuation allowance		(8,603,000	)		(8,197,000	)
Total	$	-		$	-

Management has determined, based on the Company's current condition, that a full valuation allowance is appropriate at June 30, 2016. At June 30, 2016, the Company had U.S. federal net operating loss carry forwards of approximately $19,116,000 expiring in various amounts from fiscal year 2017 to fiscal year 2036.

Current U.S. income tax law limits the amount of loss available to offset against future taxable income when a substantial change in ownership occurs. 

The Company believes that it has no uncertain tax positions and no unrecognized tax benefits at June 30, 2016 and December 31, 2015.