Annual report pursuant to Section 13 and 15(d)

Income Taxes

v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Note 4 - Income Taxes

Income taxes consists of the following:

 

Provision for taxes            
    2011     2010  
Current:            
Federal   $ 6,764     $ 2,760  
State     2,189       893  
Total current     8,953       3,653  
Deferred:                
Federal     104       (1,239 )
State     28       (334 )
Total deferred     132       (1,573 )
                 
Income tax expense (benefit)   $ 9,085     $ 2,080  

 

Deferred taxes consists of:            
    December 31,  
    2011     2010  
Deferred tax assets:            
             
Compensation Accruals   $ -     $ -  
Research & Development Credits     -       -  
Alternative Minimum Tax Credits     -       -  
Bad Deb Reserve     -       -  
Prepaid Expenses     (909 )     -  
Fixed Assets     1,791       1,573  
Unrealized Losses     559       -  
Interest Payable - Related Party     -       -  
Net operating loss carryforwards     -       -  
Research & Development Credits     -       -  
Alternative Minimum Tax Credits     -       -  
Deferred Revenue     -       -  
Accumulated OCI     -       -  
Other Liabilities     -       -  
Total deferred tax asset net     1,441       1,573  
                 
Total deferred tax assets     1,441       1,573  
Valuation allowance     -       -  
Net deferred tax assets   $ 1,441     $ 1,573  

 

The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal income tax rate of 35% to income or loss before income taxes as follows for the years ended:

    2011     2010
           
U.S. federal income tax expense\(benefit) at statutory rates     7,197       10,041
Permanent differences             -
State income tax expense\(benefit), net of federal impact     1,848       2,634
Other     41       -
Change in valuation allowance             (10,595)
      9,086       2,080
               
               
Reconciliation of change in the net deferred tax assets and liabilities:      
               
              2011
Net change in deferred income tax assets and liabilities from the preceeding table:   $ (132)
Net change in deferred income tax assets and liabilities associated with Other Comprehensive Income     -
               
Deferred income tax provision for the period             (132)