text: In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the 
  d e f e rred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable 
  income during the periods in which those temporary diff e rences become deductible. Management considers the scheduled reversal of deferre d 
  tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical 
  taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, management believes 
  it is more likely than not the Company will realize the benefits of these deductible diff e rences, net of the existing valuation allowances at 
  December 31, 2000. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of 
  f u t u re taxable income during the carry f o rw a rd period are reduced. 
  
  At December 31, 2000 the Company has net operating loss carry forw a rds of approximately $46.9 million which will expire as follows: 