Quarterly report pursuant to sections 13 or 15(d)

NOTE 7 - INCOME TAXES (Tables)

v2.4.0.8
NOTE 7 - INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2013
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Significant components of the income tax provision (benefit) were as follows for the nine months ended September 30, 2013 and 2012:

   
September 30,
2013
   
September 30,
2012
 
Current tax provision
               
Federal
 
$
-
   
$
-
 
State
   
-
     
-
 
     
  -
     
 -
 
Deferred tax provision (benefit):
               
Federal
 
$
(44,000
 
$
67,000
 
State
   
(23,000
   
12,000
 
     
(67,000
   
79,000
 
     
(67,000
   
79,000
 
Change in valuation allowance
   
67,000
     
(79,000
)
Income tax provision (benefit)
 
$
-
   
$
-
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] A reconciliation of the statutory income tax rate to the effective rate is as follows for the nine months ended September 30, 2013 and 2012:

   
September 30,
   
September 30,
 
   
2013
   
2012
 
Federal income tax rate
   
34
%
   
34
%
State income tax, net of federal benefit
   
6
%
   
6
%
Permanent differences
   
8
 %
   
(121
%)
Effective income tax rate
   
48
%
   
(81
%)
Effect on valuation allowance
   
(48
%)
   
81
%
Effective income tax rate
   
0.0
%
   
0.0
%