Annual report pursuant to Section 13 and 15(d)

INCOME TAXES

INCOME TAXES	12 Months Ended
Dec. 31, 2014
Income Taxes:
Income Tax Disclosure	NOTE 15 - INCOME TAXES At December 31, 2014 the Company had available net-operating loss carry-forwards for Federal tax purposes of approximately $33,600,000, which may be applied against future taxable income, if any, at various dates from 2014 through 2034. Certain significant changes in ownership of the Company may restrict the future utilization of these tax loss carry-forwards. At December 31, 2014 the Company had a deferred tax asset of approximately $20,100,000 representing the benefit of its net operating loss carry-forwards. The Company has not recognized the tax benefit because realization of the tax benefit is uncertain and thus a valuation allowance has been fully provided against the deferred tax asset. The difference between the Federal and State Statutory Rate of 40% and the Company’s effective tax rate of 0% is due to a decrease in the valuation allowance of approximately $6,400,000 in 2014.

INCOME TAXES

12 Months Ended

Dec. 31, 2014

NOTE 15 - INCOME TAXES

At December 31, 2014 the Company had available net-operating loss carry-forwards for Federal tax purposes of approximately $33,600,000, which may be applied against future taxable income, if any, at various dates from 2014 through 2034. Certain significant changes in ownership of the Company may restrict the future utilization of these tax loss carry-forwards.

At December 31, 2014 the Company had a deferred tax asset of approximately $20,100,000 representing the benefit of its net operating loss carry-forwards. The Company has not recognized the tax benefit because realization of the tax benefit is uncertain and thus a valuation allowance has been fully provided against the deferred tax asset. The difference between the Federal and State Statutory Rate of 40% and the Company’s effective tax rate of 0% is due to a decrease in the valuation allowance of approximately $6,400,000 in 2014.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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