Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Taxes Tables  
Reconciliation of the provision for income taxes at the weighted average rate compared to the Companys income tax expense

The reconciliation of the provision for income taxes at the weighted average rate compared to the Company’s income tax expense as reported is as follows:

 

   

2012

$

    

2011

$

  
             
Net loss     (4,083,053 )     (2,608,458 )
Tax adjustments     1,083,395       310,660  
      (2,999,658 )     (2,297,798 )
                 
Tax rate     29%     26%
                 
Income tax recovery at statutory rate     (873,550 )     (603,269 )
                 
Valuation allowance     873,550       603,269  
                 
Provision for income taxes     –       –  
Components of deferred income taxes and assets

The significant components of deferred income taxes and assets as at December 31, 2012 are as follows:

 

   

2012

$

    

2011

$

  
             
Net operating losses carried forward     1,583,092       709,541  
                 
Valuation allowance     (1,583,092 )     (709,541 )
                 
Net deferred income tax asset     –       –