Annual report pursuant to Section 13 and 15(d)

Income taxes (Tables)

Income taxes (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014 and 2013 is as follows:



	2014			2013
Benefit at federal statutory tax rate	$	1,319,500		$	1,280,000
Unbenefited operating losses	(1,319,500		)	(1,280,000		)
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, 2014 and 2013 are as follows:



	2014			2013
Net operating loss carryforwards	$	6,356,000		$	4,850,000
Accrued expenses and other	1,051,000			598,000
Accounts receivable	19,000			40,000
Inventory	207,000			117,000
Property, plant and equipment	138,000			155,000
Deferred tax assets	7,771,000			5,760,000
Valuation allowance	(7,771,000		)	(5,760,000		)
Deferred tax assets, net	$	—		$	—