The valuation allowance decreased by $139,694 during the year ended December 31, 2013 and decreased by $139,558 during the year ended December 31, 2012.
Current and Deferred Taxes, at statutory rates are as follows:
2013 | 2012 | |||||||
Current Tax Calculation: | ||||||||
Federal Income Taxes | 47,500 | 24,100 | ||||||
State Income Taxes, net of benefit | 5,000 | 2,600 | ||||||
52,500 | 26,700 | |||||||
Deferred Tax Calculation: | ||||||||
Federal Income Taxes | (1,759,200 | ) | (1,734,900 | ) | ||||
State Income Taxes, net of benefit | (186,300 | ) | (183,700 | ) | ||||
(1,945,500 | ) | (1,918,600 | ) | |||||
Valuation allowance | 1,945,500 | 1,918,600 | ||||||
$ | - | $ | - |