Quarterly report pursuant to sections 13 or 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2013
INCOME TAXES [Abstract]  
Schedule of the components of net deferred tax assets, including a valuation allowance

At June 30, 2013 and December 31, 2012, components of net deferred tax assets, including a valuation allowance, are as follows:

 

    June 30,     December 31,  
    2013     2012  
Deferred tax assets:            
Net operating loss carryforwards   $ 494,000     $ 266,000  
Non-deductible start-up costs   $ 530,000     $ 530,000  
      1,024,000       796,000  
Total deferred tax assets     471,000       366,000  
Less: Valuation Allowance     (471,000 )     (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 and six months ended June 30:

 

    Three and Six months  
    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 %