Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Components of deferred tax assets and liabilities
 
   
2012
   
2011
 
Deferred tax assets:
           
    Net operating losses
 
$
13,609,036
   
$
13,089,314
 
    Share-based compensation
   
1,497,556
     
741,420
 
    Other differences in tax basis
   
233,043
     
4,749
 
                 
Total deferred tax assets
   
15,339,634
     
13,835,483
 
Less: valuation allowance
   
(15,339,634
)
   
(13,835,483
)
                 
Deferred tax assets, net
 
$
-
   
$
-
 
Schedule of difference between the income tax provision and the U.S. Federal statutory rate
 
   
For the years ended
 
   
December 31, 2012
   
December 31, 2011
 
                         
Federal income taxes at 34%
 
$
(2,842,810
)
   
-34.00
%
 
$
(1,171,230
)
   
-34.00
%
Share-based compensation costs
   
756,136
     
9.04
%
   
736,796
     
21.39
%
Change in fair value of derivatives
   
233,043
     
2.79
%
   
4,748
     
0.13
%
Amortization of debt discounts
   
349,481
     
4.18
%
   
56,033
     
1.63
%
Change in valuation allowance
   
1,504,152
     
17.99
%
   
373,653
     
10.85
%
                                 
Provision for income tax
 
$
-
     
-
   
$
-
     
-