Quarterly report pursuant to sections 13 or 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2013
INCOME TAXES [Abstract]  
Schedule of the components of net deferred tax assets, including a valuation allowance

At March 31, 2013 and December 31, 2012, components of net deferred tax assets, including a valuation allowance, are as follows:

 

    March 31,     December 31,  
    2013     2012  
Deferred tax assets:                
Net operating loss carryforwards   $ 372,000     $ 266,000  
Non-deductible start-up costs   $ 530,000     $ 530,000  
      902,000       796,000  
Total deferred tax assets     415,000       366,000  
Less: Valuation Allowance     (415,000 )     (366,000 )
Net Deferred Tax Assets   $ -     $ -  

 
Schedule of the reconciliation between the statutory rate and the effective tax rate

Reconciliation between the statutory rate and the effective tax rate is as follows for the three months ended March 31:

 

    2013     2012  
Federal statutory tax rate     (35 )%     (35 )%
State and city tax rate     (11 )%     (11 )%
Change in valuation allowance     46 %     46 %
Effective tax rate     0.0 %     0.0 %