Income Taxes

9 Months Ended

Sep. 30, 2014

Note 4.

Income Taxes

For the three month period ending September 30, 2014 and the nine month periods ending September 30, 2014 and 2013, the Company reported a loss for both financial statement reporting and income tax purposes. For the three month period ending September 30, 2013, the Company reported net income and utilized part of its net operating loss to offset its income tax liability. The Company has provided a 100% valuation allowance on its deferred tax asset as a result of its net operating loss carry-forwards. The Company had approximately $11,585,000 in net operating loss carry-forwards at December 31, 2013.

- 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.

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COASTAL CARIBBEAN OILS & MINERALS LTD 10-Q