Schedule of Income Taxes and deferred tax assets (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Income Taxes and deferred tax assets (Tables):

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred income taxes are as follows:

	For the Years ended
	December 31,
	2013			2012
Deferred tax assets:
Net operating loss carryforwards	$	2,092,216		$	1,690,212
Start-up cost		381,070			448,156
Goodwill		871,272			989,819
Amortization of IP		(6,893	)		—
Stock based compensation		542,836			686,288
Other		1,653			3,420
Deferred tax assets		3,882,154			3,817,895
Less valuation allowance		(3,882,154	)		(3,817,895	)
Net deferred tax assets after valuation allowance	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal income tax rate to the effective income tax rate (benefit) follows:

Rate Reconciliation	For the Years ended
	December 31,
	2013			2012
Federal income tax at statutory rate	$	(358,686	)	$	(1,616,870	)
State Tax		(58,023	)		(261,553	)
Permanent Differences		(13,829	)		1,248
Forfeiture of fully vested stock compensation		255,438			—
Rate Change from 39.5% to 37.63%		88,950			—
Other		21,891			(5,587	)
Change in Valuation Allowance		64,259			1,882,762

Summary of Valuation Allowance

Valuation and Qualifying Accounts

Description	Balance at		Charged to		Write-offs	Other	Balance at
	Beginning		Cost and			Charges	End of
	of Period		Expenses				Period
Deferred tax asset valuation allowance
Year ended December 31, 2013	$	3,817,895	$	64,259			$	3,882,154
Year ended December 31, 2012	$	1,935,133	$	1,882,762			$	3,817,895