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 Tax Disclosure [Abstract]  
Effective tax rate and statutory federal rate
   

December 31,

2013

   

December 31,

2012

 
Tax benefit computed at "expected" statutory rate    $ (1,173,114)     $ (2,359,025 )
State income taxes, net of benefit     (79,110)       (60,884
Permanent differences :                
    Impairment expense      -       437,324  
    Stock based compensation and consulting     381,620       1,508,371  
    Other permanent differences     (50,892)       (681)  
Timing differences                
   Amortization of patents and other     304,435         
Increase in valuation allowance      617,061       474,895  
Net income tax benefit    $ -     $ -  
Effective tax rate and statutory federal rates
    December 31, 2013     December 31, 2012  
             
Computed "expected" tax expense (benefit)     (34.0 )%     (34.0 )%
State income taxes     (5.0 )%     (5.0 )%
Permanent differences     14.0 %     31.0 %
Timing differences     13.0 %      -  
Change in valuation allowance     12.0 %     8.0 %
                 
Effective tax rate     0.0 %     0.0 %
Deferred tax asset
Deferred tax assets:   December 31, 2013     December 31, 2012  
Total deferred tax assets   $ 1,095,797     $ 478,736  
Less: valuation allowance     (1,095,797 )     (478,736 )
Net deferred tax asset   $ -     $ -