Quarterly report pursuant to sections 13 or 15(d)

INCOME TAXES (Tables)

v2.4.0.6
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2012
INCOME TAXES [Abstract]  
Schedule of the components of net deferred tax assets, including a valuation allowance

At June 30, 2012 and December 31, 2011, components of net deferred tax assets, including a valuation allowance, are as follows:
June 30,

December 31,


2012

2011
Deferred tax assets:







Non-deductible start-up costs
$ 549,000

$ 403,000
Total deferred tax assets

192,000


141,000
Less: Valuation Allowance

(192,000 )

(141,000 )
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:
2012

2011
Federal statutory tax rate

(35 )%

(35 )%
Change in valuation allowance

35 %

35 %
Effective tax rate

0.0 %

0.0 %