Income Taxes
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] |
Components of the Company’s deferred tax assets at December 31, 2012 are as follows:
Components of the Company’s deferred tax assets at December 31, 2011 are as follows:
The Company established a valuation allowance of approximately $2,747,000 and $312,000 as of December 31, 2012, and 2011, respectively which fully offsets the deferred tax asset of approximately $2,747,000 and $ 312,000. The deferred tax asset results from applying an effective combined federal and state tax rate of 40% to start-up costs of approximately $6,575,000 and $668,000, respectively and net operating losses of approximately $293,000 and $113,000 respectively. The Company’s net operating losses will expire beginning in 2031. Effective tax rates differ from statutory rates due to timing differences in the deductibility of expenses, the establishment of the valuation allowance and a permanent difference related to the unrealized gains on the change in fair value of the warrants. |