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Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Taxes Tables  
Components of income tax expense (benefit)

The components of income tax expense (benefit) are as follows:


                 

 

 

For the Year Ended

 

 

 

December 31,

 

 

 

2012

 

 

2011

 

Current:

 

 

 

 

 

 

Federal

 

$

-

 

 

$

-

 

State

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

-

 

 

 

-

 

State

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

-

 

Total Income tax expense (benefit)

 

$

-

 

 

$

-

 


Deferred income tax assets and liabilities

Significant components of the Company's deferred income tax assets and liabilities are as follows:


                 

 

 

December 31,

 

 

 

2012

 

 

2011

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss

 

$

3,649,651

 

 

$

2,064,725

 

Allowance for doubtful accounts

 

 

261,946

 

 

 

17,637

 

Intangible assets

 

 

118,740

 

 

 

-

 

Deferred rent

 

 

7,883

 

 

 

9,473

 

Stock-based compensation

 

 

128,827

 

 

 

-

 

Contributions carryforward

 

 

93

 

 

 

-

 

Total deferred tax assets

 

 

4,167,140

 

 

 

2,091,835

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Intangible assets

 

 

-

 

 

 

(148,345

)

Property and equipment

 

 

(630

)

 

 

(805

)

Total deferred tax liabilities

 

 

(630

)

 

 

(149,150

)

 

 

 

 

 

 

 

 

 

Deferred tax assets, net

 

 

4,166,510

 

 

 

1,942,685

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation allowance:

 

 

 

 

 

 

 

 

Beginning of year

 

 

(1,942,685

)

 

 

(1,152,977

)

(Increase) decrease during year

 

 

(2,223,825

)

 

 

(789,708

)

Ending balance

 

 

(4,166,510

)

 

 

(1,942,685

)

 

 

 

 

 

 

 

 

 

Net deferred tax asset

 

$

-

 

 

$

-

 


Reconciliation of income tax

A reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows:


                 

 

 

For the Year Ended

 

 

 

December 31,

 

 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Statutory U.S. federal income tax rate

 

 

34.0

%

 

 

34.0

%

State income taxes, net of federal tax benefit

 

 

3.1

 

 

 

3.1

 

Other

 

 

(0.1

)

 

 

(0.1

)

Change in valuation allowance

 

 

(37.0

)

 

 

(37.0

)

Effective income tax rate

 

 

0.0

%

 

 

0.0

%