Annual report pursuant to section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
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

)%