Income taxes

9 Months Ended

Dec. 31, 2011

Note 6-Income taxes

At December 31, 2011, the Company had approximately $1,124,000 of net operating losses (“NOL”) carry-forwards for federal and state income purposes. These losses are available for future years and expire through 2032. Utilization of these losses may be severely or completely limited if the Company undergoes an ownership change pursuant to Internal Revenue Code Section 382.

The deferred tax asset is summarized as follows:

	December 31, 2011			December 31, 2010

Deferred tax asset:
Net operating loss carryforwards		427,000			250,000
Deferred tax asset		427,000			250,000
Less: valuation allowance		(427,000	)		(250,000	)
Net deferred asset		-			-

A reconciliation of income tax expense computed at the U.S. federal, state, and local statutory rates and the Company's effective tax rate is as follows:

	March 31,
	2011			2010

Statutory federal income tax expense		(34	)%		(34	)%
State and local income tax		(4	)		(4	)
(net of federal benefits)
Valuation allowance		38			38
		-	%		-	%

The Company has taken a 100% valuation allowance against the deferred tax asset attributable to the NOL carryforward of $427,000 at December 31, 2011, due to the uncertainty of realizing the future tax benefits. The increase in valuation allowance of $177,000 is primarily attributable to the Company's net operating loss reported for the period ended December 31, 2011.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-Topic 740

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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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+ Details

GreenCell, Inc 10-Q