|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Income Taxes [Abstract] |
|
| Schedule of deferred tax assets and liability |
| |
|
Years Ended December 31,
|
|
|
Deferred tax liability:
|
|
2011
|
|
|
2010
|
|
|
Furniture, fixtures, equipment and intangibles
|
|
$
|
37,072
|
|
|
$
|
6,851
|
|
|
Deferred tax asset
|
|
|
|
|
|
|
|
|
|
Stock options for services
|
|
|
(562,163
|
)
|
|
|
(420,505
|
)
|
|
Net operating loss carryforward
|
|
|
(1,924,412
|
)
|
|
|
(484,591
|
)
|
|
Valuation allowance
|
|
|
2,449,503
|
|
|
|
905,096
|
|
|
Net deferred tax asset
|
|
|
-
|
|
|
|
-
|
|
|
Net deferred tax liability
|
|
$
|
37,072
|
|
|
$
|
6,851
|
|
|
| Schedule of components of income tax expense |
|
|
Years Ended December 31,
|
|
|
Federal
|
|
2011
|
|
|
2010
|
|
|
Current
|
|
$ |
- |
|
|
$ |
- |
|
|
Deferred
|
|
|
- |
|
|
|
- |
|
| |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
State and Local
|
|
|
|
|
|
|
|
|
|
Current
|
|
$ |
- |
|
|
$ |
12,596 |
|
|
Deferred
|
|
|
- |
|
|
|
- |
|
| |
|
|
- |
|
|
|
12,596 |
|
|
| Schedule of statutory rate applied to company's income tax expenses |
|
|
Years Ended December 31,
|
|
| |
|
2011
|
|
|
2010
|
|
|
Statutory rate applied to loss before income taxes:
|
|
$ |
(1,234,599 |
) |
|
$ |
(395,571 |
) |
|
Increase (decrease) in income taxes resulting from:
|
|
|
|
|
|
|
|
|
|
State and local income taxes
|
|
|
(366,436 |
) |
|
|
(104,812 |
) |
|
Change in deferred tax asset valuation allowance
|
|
|
1,544,407 |
|
|
|
484,591 |
|
|
Stock based compensation
|
|
|
- |
|
|
|
21,734 |
|
|
Non-deductible expenses
|
|
|
44,032 |
|
|
|
16,896 |
|
|
Other
|
|
|
12,596 |
|
|
|
(10,242 |
) |
|
Income Tax Expense
|
|
$ |
- |
|
|
$ |
12,596 |
|
|