Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
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

)%