Annual report pursuant to Section 13 and 15(d)

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	$	—		$	—