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v2.4.0.6
Income Taxes
12 Months Ended
Sep. 30, 2012
Income Taxes  
Income Taxes

Note G - Income Taxes

 

The components of income tax (benefit) expense for each of the years ended September 30, 2012 and 2011 and for the period from July 5, 1989 (date of inception) through September 30, 2012, are as follows:

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

Period from

 

 

 

 

 

 

 

 

 

July 5, 1989

 

 

 

 

 

 

 

 

 

(date of inception)

 

 

 

Year ended

 

 

Year ended

 

 

through

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2012

 

 

2011

 

 

2012

 

Federal:

 

 

 

 

 

 

 

 

 

Current

 

$

 

 

$

 

 

$

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State:

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Total

 

$

 

 

$

 

 

$

 

 

Concurrent with a September 2006 change in control, the Company has a net operating loss carryforward for future periods of approximately $155,000.  The ultimate amount and availability of any future net operating loss carryforwards may be subject to limitations set forth by the Internal Revenue Code. Factors such as the number of shares ultimately issued within a three year look-back period; whether there is a deemed more than 50 percent change in control; the applicable long-term tax exempt bond rate; continuity of historical business; and subsequent income of the Company all enter into the annual computation of allowable annual utilization of the carryforwards.

 

The Company's income tax expense (benefit) for each of the years ended September 30, 2012 and 2011 and for the period from July 5, 1989 (date of inception) through September 30, 2012, respectively, differed from the statutory federal rate of 34 percent as follows:

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

Period from

 

 

 

 

 

 

 

 

 

July 5, 1989

 

 

 

 

 

 

 

 

 

(date of inception)

 

 

 

Year ended

 

 

Year ended

 

 

through

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2012

 

 

2011

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

Statutory rate applied to income before income taxes

 

$

(6,000

)

 

$

(6,000

)

 

$

(16,395,000

)

Increase (decrease) in income taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State income taxes

 

 

 

 

 

 

 

 

 

Other, including reserve for deferred tax asset

 

 

 

 

 

 

 

 

 

 

 

 

and application of net operating loss carryforward

 

 

6,000

 

 

 

6,000

 

 

 

16,395,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Income tax expense

 

$

 

 

$

 

 

$

 

 

Temporary differences, consisting primarily of statutory deferrals of expenses for organizational costs, statutory differences in the depreciable/amortizable lives for property and equipment and patents and the recognition of expense charges related to the issuance of warrants, between the financial statement carrying amounts and tax bases of assets and liabilities give rise to deferred tax assets and/or liabilities.  As of September 30, 2012 and 2011, respectively, after taking the September 2006 change in control into consideration:

 

 

 

September 30,

 

 

September 30,

 

 

 

2012

 

 

2011

 

Deferred tax assets

 

 

 

 

 

 

Net operating loss carryforwards

 

$

53,000

 

 

$

47,000

 

Less valuation allowance

 

 

(53,000

)

 

 

(47,000

)

 

 

 

 

 

 

 

 

 

    Net Deferred Tax Asset

 

$

 

 

$

 

 

During each of the years ended September 30, 2012 and 2011, the valuation allowance for the deferred tax asset increased by approximately $6,000 and $6,000, respectively.