Annual report pursuant to Section 13 and 15(d)

Income Taxes

v2.4.1.9
Income Taxes
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
5. Income Taxes
 
At December 31, 2014, the Company had net operating loss carry forwards ("NOLs") aggregating approximately $2,434,000 which, if not used, expire in 2034. The utilization of these NOLs may become subject to limitations based on past and future changes in ownership of the Company pursuant to Internal Revenue Code Section 382.
 
The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred income tax assets are as follows:
 
   
As of December 31,
  
   
2014
    
2013
  
Current deferred tax assets/(liabilities):
        
Capitalized research and development costs
   $
25,265
     $ 
-
  
Other
    
10,314
      
-
  
Net operating loss
    
989,544
      
-
  
Gross deferred tax assets
    
1,025,123
      
-
  
Valuation allowance
    
(1,025,123
)
    
-
  
Total deferred tax assets
  
$
-
    
$
-
  
 
The Company records a valuation allowance against deferred tax assets to the extent that it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Due to the substantial doubt related to the Company's ability to continue as a going concern and utilize its deferred tax assets, a valuation allowance for the full amount of the deferred tax assets has been established at December 31, 2014. As a result of this valuation allowance there are no income tax benefits reflected in the accompanying statement of operations to offset pre-tax losses.
 
The Company has no uncertain tax positions as of December 31, 2014 due to limited nature of its operations.