Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.0.814
Income Taxes (Tables)
12 Months Ended
Jul. 31, 2015
Income Taxes  
Schedule of significant components of deferred tax assets

 

 

 

2015

 

2014

 

Net operating loss carryforwards

 

15,460,000

 

8,211,000

 

Credits

 

1,082,000

 

397,000

 

Start-up costs

 

56,000

 

61,000

 

Accumulated Depreciation

 

591,000

 

663,000

 

Other

 

1,691,000

 

877,000

 

 

 

 

 

 

 

Net deferred tax assets

 

18,880,000

 

10,209,000

 

Valuation allowance for deferred tax assets

 

(18,880,000

)

(10,209,000

)

 

 

 

 

 

 

Net deferred taxes

 

$

 

$

 

 

 

 

 

 

 

 

 

 

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

 

 

 

2015

 

2014

 

2013

 

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 

)%

(0.01 

)%

Non-deductible expenses

 

(1.34 

)%

(0.45 

)%

(0.08 

)%

Change in valuation allowance

 

(34.55 

)%

(33.90 

)%

(33.93 

)%

Other

 

1.89 

%

 

 

 

 

 

 

 

 

 

 

Income tax benefit - effective rate

 

(0.01 

)%

(0.36 

)%

(0.02 

)%