OncoSec Medical Incorporated Annual report pursuant to section 13 and 15(d)

Annual report pursuant to section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Jul. 31, 2013

Income Taxes

Schedule of significant components of deferred tax assets

Significant components of the Company’s deferred tax assets as of July 31, 2013 and 2012 are listed below (in thousands):

		2013			2012
Net operating loss carryforwards		4,444,000			1,986,000
Credits		190,000			124,000
Start-up costs		67,000			72,000
Accumulated Depreciation		450,000			282,000
Other		253,000			129,000
Net deferred tax assets		5,404,000			2,593,000
Valuation allowance for deferred tax assets		(5,404,000		)	(2,593,000		)
Net deferred taxes		$	—		$	—

Schedule of reconciliation of incomes taxes using the statutory income tax rate, compared to the effective rate

		2013		2012
Federal tax benefit a the expected statutory rate		34.00	%	34.00	%
State income tax, net of federal tax benefit		(0.01	)%	(0.07	)%
Loss on extinguishment of debt		(0.00	)%	(11.48	)%
Adjustment to fair value of derivative liabilities		0.00	%	63.20	%
Non-deductible expenses		(0.08	)%	(6.63	)%
Change in valuation allowance		(33.93	)%	(81.58	)%
Other		0.00	%	2.45	%
Income tax benefit — effective rate		(0.02	)%	(0.11	)%