Annual report pursuant to Section 13 and 15(d)

Schedule of Income Taxes (Tables)

v2.4.0.8
Schedule of Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Schedule of Income Taxes (Tables)  
Summary of Tax Credit Carryforwards

Provision for Income Taxes

 

2013

 

2012

Deferred

 

$

77,701

 

$

(707,270)

Effect of offset from Kansas property acquisition

 

 

-

 

 

406,946

 

 

$

77,701

 

$

(300,324)

 
Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes:

 

Rate Reconciliation

 

2013

 

2012

Tax at federal statutory rate (34%)

 

$

(127,333)

 

$

(669,666)

Non-deductible expenses

 

 

4,450

 

 

1,098

True-up prior return

 

 

213,431

 

 

406,946

States taxes, net of Federal benefit

 

 

17,864

 

 

(93,950)

Effect of tax rates lower than statutory rate

 

 

5,017

 

 

55,248

 

 

$

77,701

 

$

(300,324)
Schedule of Deferred Tax Assets and Liabilities

The net deferred tax liability consisted of the following at December 31, 2013 and 2012:

 

Deferred Taxes:

 

2013

 

2012

 

Deferred tax liabilities

 

 

 

 

 

 

 

Property and equipment

 

$

  9,009,106

 

$

3,094,811

 

 

 

 

 

 

 

 

Deferred tax assets

 

 

 

 

 

 

 

Stock-based compensation

 

 

1,682,601

 

 

386,541

 

Operating loss and IDC carryforwards

 

 

  6,622,853

 

 

2,082,319

 

Deferred tax assets

 

 

8,305,439

 

 

2,468,860

Net deferred income tax liability

 

$

703,651

 

$

625,951