Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
 9 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

Income tax benefit (expense) for the three months ended September 30, 2012 and 2011 was $20,113 and $(5,714), respectively and for the nine months ended September 30, 2012 and 2011 was $3,013,860 and $(9,907), respectively.

For three months ended September 30, 2012, we recorded a $24,000 discrete income tax benefit related to the release of the deferred tax valuation allowance for net operating losses we no longer expect to realize against income for the remainder of 2012.  We now expect to realize this benefit after 2012.  This benefit is due to a decrease in estimated income for 2012 as result of the loss on extinguishment of debt that was recorded during the three months ended September 30, 2012. Including the $24,000 discrete item recorded in the quarter, for the nine months ended September 30, 2012 we have recorded in aggregate a discrete benefit of $3,013,000 for the release of significantly all of our deferred tax valuation allowance related to net operating losses that will be realized after 2012.

The remaining deferred tax asset valuation allowance as of September 30, 2012 of approximately $71,700 relates to deferred tax assets we expect to realize as a result of pre-tax income anticipated during the fourth quarter of 2012 of $64,200 and deferred tax assets of $7,500 that are not likely to be realized due to certain state net operating loss limitations.