General form of registration statement for all companies including face-amount certificate companies

Income taxes (Tables)

v2.4.0.8
Income taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Reconciliation of Federal Statutory Income Tax Provision To Company's Actual Provision
A reconciliation of the federal statutory income tax provision to the Company’s actual provision for the years ended December 31, 2012, 2011, and 2010 is as follows:
 
 
 
2012
 
2011
 
2010
 
Benefit at federal statutory tax rate
 
$
680,000
 
$
648,000
 
$
185,000
 
Unbenefited operating losses
 
 
(680,000)
 
 
(648,000)
 
 
(185,000)
 
Income tax provision
 
$
—
 
$
—
 
$
—
 
Schedule of Deferred Tax Assets
The components of net deferred tax assets recognized in the accompanying consolidated balance sheets at December 31, 2012 and 2011 are as follows:
 
 
 
2012
 
2011
 
2010
 
Net operating loss carryforwards
 
$
3,380,000
 
$
2,896,000
 
$
2,867,000
 
Accrued expenses and other
 
 
676,000
 
 
588,000
 
 
30,000
 
Accounts receivable
 
 
60,000
 
 
37,000
 
 
—
 
Inventory
 
 
130,000
 
 
139,000
 
 
—
 
Depreciation
 
 
94,000
 
 
184,000
 
 
13,000
 
 
 
 
4,340,000
 
 
3,844,000
 
 
2,910,000
 
Valuation allowance
 
 
(4,340,000)
 
 
(3,844,000)
 
 
(2,910,000)
 
Net deferred tax asset
 
$
—
 
$
—
 
$
—