v2.4.0.6
Income Taxes (Tables)
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12 Months Ended |
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Income Taxes [Abstract] |
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Deferred tax assets and liabilities |
Significant components of the Company's deferred tax assets and liabilities are as follows:
| | | | | | 2012 | | | 2011 | | Deferred tax assets and liabilities: | | | | | | | Accrued liabilities | | $ | (73,000 | ) | | $ | 131,000 | | Beneficial conversion feature on convertible financial instruments | | | (449,000) | | | | (927,000 | ) | Intangible assets | | | 1,117,000 | | | | 249,000 | | Property and equipment | | | 89,000 | | | | (18,000 | ) | R&D Credit Carryforward | | | 1,407,356 | | | | 494,000 | | Stock Compensation | | | 213,000 | | | | — | | Adjust accrued earn-out liability | | | 567,947 | | | | — | | Charitable Contributions | | | 3,000 | | | | — | | Patent fees | | | 6,000 | | | | — | | Net operating loss | | | 15,487,000 | | | | 15,524,000 | | Net deferred tax assets | | $ | 18,368,303 | | | $ | 15,453,000 | | | | | | | | | | | Valuation allowance | | | (18,368,303 | ) | | | (15,453,000 | ) | | | $ | — | | | $ | — | |
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Reconciliation of the Federal statutory income tax |
The reconciliation of the Federal statutory income tax rate of 34% to the effective rate is as follows:
| | 12/31/2012 | | | 12/31/2011 | | Federal statutory rate | | | 34.00 | % | | | 34.00 | % | State taxes, net of federal benefit | | | 3.40 | % | | | 5.34 | % | Permanent items & other | | | 6.51 | % | | | (11.30 | %) | Valuation allowance | | | (43.91 | %) | | | (28.04 | %) | | | | — | % | | | — | % |
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- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
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- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.
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