Annual report pursuant to Section 13 and 15(d)

4 Income Taxes

v2.4.1.9
4 Income Taxes
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Income Taxes

(4)  Income Taxes

 

Income taxes consists of the following:

 

Provision for taxes            
    2014     2013  
Current:            
Federal   $ -     $ (1,270 )
State     -       -  
     Total current     -       (1,270 )
Deferred:                
Federal     362       885  
State     95       233  
     Total deferred     457       1,118  
                 
Income tax expense (benefit)   $ 457     $ (152 )
                 

  

Deferred taxes consists of:            
    December 31,  
    2014     2013  
 Deferred tax assets (Liabilities):            
             
        Compensation Accruals     -       -  
         Bad Debt Expenses     -       -  
 Prepaid Expenses   $ (1,634 )   $ (110 )
 Fixed Assets     (86 )     (780 )
         Unrealized Losses     -       -  
 Net operating loss and other carryforwards     10,914       1,347  
         Accumulated Other Comprehensive Income     -       -  
         Other     -       -  
 Total deferred tax asset / (Liability) net     9,194       457  
                 
 Total deferred tax assets / (Liabilities)     9,194       457  
Valuation allowance     (9,194 )      -  
 Net deferred tax assets / (Liabilities)   $ -     $ 457  

 

                 
The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal income tax rate of 15% to income or loss before income taxes as follows for the years ended:                
      2014       2013  
                 
 U.S. federal income tax expense\(benefit) at statutory rates   $ (6,922 )   $ 885  
 Permanent differences     -       -  
 State income tax expense\(benefit), net of federal impact     (1,815 )     233  
 Other     -       (1,270 )
 Change in valuation allowance     9,194       -  
    $ 457     $ (152 )

 

Reconciliation of change in the net deferred tax assets and liabilities:            
             
    2014     2013  
Net change in deferred income tax assets and liabilities from the preceeding table:   $ 457       1,118  
Net change in deferred income tax assets and liabilities associated with Other Comprehensive Income     -       -  
Deferred income tax provision for the period     457       1,118