Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes Tables

Deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes as of December 31, consisted of the following:

	2013			2012
Deferred tax assets
Net operating loss carry-forwards	$	27,516,000		$	27,079,000
Stock based compensation		852,000			845,000
Other, net		36,000			(406,000	)
		28,404,000			27,518,000
Less valuation allowance		(28,404,000	)		(27,518,000	)
Net deferred tax assets	$	—		$	—

Provision for income taxes

The provision for income taxes differs from the amount computed by applying the U.S. federal statutory tax rate (34% in 2013 and 2012) to income taxes as follows:

	December 31, 2013			December 31, 2012
Tax benefit computed at 34%	$	(987,000	)	$	(2,800,000	)
Change in valuation allowance		887,000			1,788,000
State tax (net of Federal benefit)		(169,000	)		(480,000	)
Change in carryovers and tax attributes		269,000			1,492,000
Net tax benefit	$	—		$	—