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, 2014

Income Taxes

Schedule of significant components of deferred tax assets

Significant components of the Company’s deferred tax assets as of July 31, 2014 and 2013 are listed below (in thousands):

		2014			2013
Net operating loss carryforwards		8,211,000			4,444,000
Credits		397,000			190,000
Start-up costs		61,000			67,000
Accumulated Depreciation		663,000			450,000
Other		877,000			253,000
Net deferred tax assets		10,209,000			5,404,000
Valuation allowance for deferred tax assets		(10,209,000		)	(5,404,000		)
Net deferred taxes		$	—		$	—

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

		2014		2013		2012
Federal tax benefit at the expected statutory rate		34.00	%	34.00	%	34.00	%
State income tax, net of federal tax benefit		(0.01	)%	(0.01	)%	(0.07	)%
Loss on extinguishment of debt		—		—		(11.48	)%
Adjustment of fair value of derivative liabilities		—		—		63.20	%
Non-deductible expenses		(0.45	)%	(0.08	)%	(6.63	)%
Change in valuation allowance		(33.90	)%	(33.93	)%	(81.58	)%
Other		—		—		2.45	%
Income tax benefit - effective rate		(0.36	)%	(0.02	)%	(0.11	)%