Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes Tables  
Schedule of Provision for Income Taxes

The provision for income taxes is as follows:

 

    December 31,
    2014   2013
Federal:                
     Current   $ —       $ —    
     Deferred     1,040,000       179,000  
      1,040,000       179,000  
State:                
     Current     —         —    
     Deferred     —         —    
      —            
Provision for Income Taxes   $ 1,040,000     $ 179,000  

 

Schedule of Reconcilation of the Provision for Income Taxes

A reconciliation of the provision for income taxes computed using the US statutory federal income tax rate is as follows:

 

    December 31,
    2014   2013
Tax provision at US statutory federal income tax rate   $ 1,098,000     $ (408,000 )
State income tax, net of federal benefit     —         —    
Depreciation     18,000       16,000  
Related party accrued interest     (282,000 )     182,000  
Gains & losses on marketable securities     (691,000 )     629,000  
Stock based compensation     336,000       —    
Net operating losses carry forwards     845,000       383,000  
Change in valuation allowances     (284,000 )     (623,000 )
     Provision for Income Taxes   $ 1,040,000     $ 179,000  
Schedule of Deferred Tax Assets

The significant components of the Company’s deferred tax assets were:

 

    December 31,
    2014   2013
Deferred Tax Assets:                
     Net operating loss carry forward   $ 334,000     $ 912,000  
     Unrealized losses on marketable securities     375,000       630,000  
     Stock based compensation     336,000       —    
     Depreciation and other     23,000       —    
     Related party accrued interest     —         282,000  
      1,068,000       1,824,000  
Less valuation allowance     (1,068,000 )     (784,000 )
Net Deferred Tax Asset   $ —       $ 1,040,000