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

INCOME TAXES (Tables)

v2.4.0.6
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The income tax provision (benefit) consists of the following:

 

    2012     2011  
             
Foreign                
Current   $ 19,205     $ -  
Deferred     (170,962 )     (103,300 )
U.S. Federal                
Current     -       -  
Deferred     (791,395 )     (299,558 )
State and local                
Current     -       -  
Deferred     (93,105 )     (35,242 )
Change in valuation allowance     1,055,462       438,100  
Income tax provision (benefit)   $ 19,205     $ -  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The provision (benefit) for income tax using the statutory U.S. federal tax rate is reconciled to the Company’s effective tax rate as follows:

 

    2012     2011  
             
Loss before income taxes:                
United States   $ 2,346,516     $ 890,941  
Foreign     800,844       271,773  
    $ 3,147,360     $ 1,162,714  
Computed "expected" income tax expense (benefit)   $ (1,070,100 )   $ (395,300 )
State income taxes, net of federal benefit     (93,861 )     (46,500 )
Foreign rate differential     74,106       -  
Travel, entertainment and other     53,660       3,700  
Change in valuation allowance     1,055,400       438,100  
Income tax expense (benefit)   $ 19,205     $ -  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Major components of deferred tax assets and liabilities at December 31, 2012 and 2011 were:

 

    2012     2011  
             
Net operating loss carryforwards   $ 2,538,400     $ 1,660,200  
Capital loss carryforwards     630,100       630,100  
Investments     (80,400 )     (86,700 )
Foreign operations     274,236       103,300  
Total deferred tax assets     3,362,336       2,306,900  
Valuation allowance     (3,362,336 )     (2,306,900 )
Net deferred tax assets   $ -     $ -