Due to the ownership change on as discussed in Note net operating loss carryforwards incurred before that date are not available to the Company. Accordingly, the Company has net operating loss carryforwards of approximately in each of the U.S. Federal and Colorado jurisdictions as of These net operating loss carryforwards are available to offset any taxable income in those jurisdictions in future periods. These net operating loss carryforwards expire in varying amounts during the fiscal years ending and

 

As of and the Company’s only temporary differences consist of U.S. Federal and Colorado net operating loss carryforwards discussed above. Presented below are the related deferred income tax assets associated with the net operating loss carryforwards as of and respectively:

 

 

The Company has established a deferred tax valuation allowance equal to of its total deferred income tax assets for the net operating loss carryforwards since management believes it is more likely than not that the deferred income tax assets will not be realized. In recording this allowance, the Company considered a number of factors, but chiefly, its sustained operating losses since inception.

 

The income tax benefit computed using the U.S. federal income tax rate of differs from the amount recorded in the financial statements due to the following:

 

As of and the Company had no liability for unrecognized tax benefits and no accrual for the payment of related interest, and the Company did not record any amounts for interest expense related to unrecognized tax benefits or tax related penalties. The Company had no unrecognized tax benefits or uncertain tax positions as of and Income tax returns filed after remain open to examination by the Internal Revenue Service and state taxing authorities.