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

Income taxes (Tables)

Income taxes (Tables)

12 Months Ended

Dec. 31, 2012

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	$	—	$	—	$	—