Annual report pursuant to Section 13 and 15(d)

NOTE 14 - INCOME TAXES (Tables)

v2.4.1.9
NOTE 14 - INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] The effective rate differs from the statutory rate of 34% for due to the following:

   
2014
   
2013
 
Statutory rate on pre-tax book  loss
    (34.00 )%     (34.00 )%
Stock based compensation
    23.0 %     11.70 %
Financing costs
    2.4 %     2.40 %
Valuation allowance
    8.6 %     19.90 %
      0.00 %     0.00 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] The Company’s deferred taxes as of December 31, 2014 and 2013 consist of the following:

   
2014
   
2013
 
Non-Current deferred tax asset:
           
 Net operating loss carry-forwards
  $ 2,300,000     $ 1,400,000  
 Valuation allowance
    (2,300,000 )     (1,400,000 )
 Net non-current deferred tax asset
  $ -     $ -