Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

Income Taxes
6 Months Ended
Jun. 30, 2011
Income Taxes  
Income Taxes
Income Taxes
No provision for Federal and State income taxes was required for the three and six months ended June 30, 2011 and 2010 due to the Company's operating losses and increased deferred tax asset valuation allowance.  At June 30, 2011 and December 31, 2010, the Company has unused net operating loss carry-forwards of approximately $56,573,000 and $46,283,000 which expire at various dates through 2031.  Some of this amount may be subject to annual limitations under certain provisions of the Internal Revenue Code related to "changes in ownership".
As of June 30, 2011 and December 31, 2010, the deferred tax assets related to the aforementioned carry-forwards have been fully offset by valuation allowances, since significant utilization of such amounts is not presently expected in the foreseeable future.
Deferred tax assets and valuation allowances consist of:
June 30,
December 31,
Net Operating Loss Carryforwards
  $ 22,063,470     $ 18,050,380  
Valuation Allowance
    (22,063,470 )     (18,050,380 )
Net Deferred Tax Assets
  $ -     $ -  
The Company files income tax returns in the U.S. Federal and Maryland state jurisdictions.  Tax years for fiscal 2007 through 2010 are open and potentially subject to examination by the Federal and Maryland state taxing authorities.