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

Income taxes (Tables)

Income taxes (Tables)

12 Months Ended

Dec. 31, 2013

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, 2013 and 2012 is as follows:

	2013		2012
Benefit at federal statutory tax rate	$	1,280,000	$	680,000
Unbenefited operating losses		(1,280,000)		(680,000)
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, 2013 and 2012 are as follows:

	2013		2012
Net operating loss carryforwards	$	4,850,000	$	3,380,000
Accrued expenses and other		598,000		676,000
Accounts receivable		40,000		60,000
Inventory		117,000		130,000
Property, plant and equipment		155,000		94,000
		5,760,000		4,340,000
Valuation allowance		(5,760,000)		(4,340,000)
Net deferred tax asset	$	—	$	—