Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2013
Income Taxes Tables  
Schedule Of Tax Assets

The Company has the following tax assets:

 

    December 31,
    2013   2012
Net Operating Losses   $ 758,000     $ 1,135,000  
Related party accrued interest     282,000       100,000  
Depreciation and Other     —         (16,000 )
Valuation Allowance     —         —    
    $ 1,040,000     $ 1,219,000  
                 
Schedule Of Component Of Income Tax Expense Benefit

The provision for income taxes differ from the amount computed using the federal US statutory income tax rate as follows:

 

    December 31,
    2013   2012
Tax provision at US Statutory Rate   $ (408,000 )   $ 554,000  
Depreciation and Other     16,000       6,000  
Related party accrued interest     182,000       100,000  
Gains & losses on marketable securities     587,000       82,000  
Other differences     (198,000 )     (214,000 )
Increase (decrease) in valuation allowance     —         (1,747,000
 Deferred tax (benefit) expense   $ 179,000     $ (1,219,000 )