|
Schedule of Income Taxes (Tables)
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12 Months Ended |
|
Dec. 31, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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| Schedule of Income Taxes (Tables) |
|
|
|
| Summary of Tax Credit Carryforwards |
The benefit from income taxes consisted of the following: | Provision for Income Taxes
|
| 2013
|
| 2012
|
| Deferred
|
| $
| 77,701
|
| $
| (707,270)
|
| Effect of offset from Kansas property acquisition
|
|
| -
|
|
| 406,946
|
|
|
| $
| 77,701
|
| $
| (300,324)
|
|
|
|
| Summary of Tax Credit Carryforwards. |
|
For the year ended December 31, 2012, the Company calculated a net tax benefit of $300,324. The benefit from income taxes consisted of the following: | Benefit From Income Taxes
|
| 2012
|
|
| 2011
|
| Deferred
| $
| (707,270)
|
| $
| -
|
| Effect of offset from Kansas property acquisition
|
| 406,946
|
|
|
|
|
| $
| (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)
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| Effect of tax rates lower than statutory rate
|
|
| 5,017
|
|
| 55,248
|
|
|
| $
| 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
|
| 2012
|
|
| 2011
|
| Tax at federal statutory rate (34%)
| $
| (669,666)
|
| $
| 24,306
|
| Non-deductible expenses
|
| 1,098
|
|
| (24,306)
|
| Effect of offset from Kansas property acquisition
|
| 406,946
|
|
| -
|
| States taxes, net of Federal benefit
|
| (93,950)
|
|
| -
|
| Effect of tax rates lower than statutory rate
|
| 55,248
|
|
| -
|
|
| $
| (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
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| Net deferred income tax liability
|
| $
| 703,651
|
| $
| 625,951
|
|
|
|
| Schedule of Deferred Tax Assets |
|
|
The net deferred tax liability consisted of the following at December 31, 2012 and 2011: | Deferred Taxes:
|
| 2012
|
|
| 2011
|
| Deferred tax liabilities
|
|
|
|
|
|
|
| Property and equipment
| $
| 3,094,811
|
| $
| -
|
|
|
|
|
|
|
|
|
| Deferred tax assets
|
|
|
|
|
|
|
| Stock-based compensation
|
| 386,541
|
|
| -
|
|
| Operating loss and IDC carryforwards
|
| 2,082,319
|
|
| -
|
|
| Deferred tax assets
|
| 2,468,860
|
|
| -
|
| Net deferred income tax liability
| $
| 625,951
|
| $
| -
|
|