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EXCEL - IDEA: XBRL DOCUMENT - ProUroCare Medical Inc.Financial_Report.xls
10-Q - FORM 10-Q - ProUroCare Medical Inc.v325918_10q.htm
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EX-31.2 - EXHIBIT 31.2 - ProUroCare Medical Inc.v325918_ex31-2.htm
EX-32.1 - EXHIBIT 32.1 - ProUroCare Medical Inc.v325918_ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - ProUroCare Medical Inc.v325918_ex31-1.htm
EX-10.4 - EXHIBIT 10.4 - ProUroCare Medical Inc.v325918_ex10-4.htm
v2.4.0.6
Income Taxes.
9 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 6. Income Taxes.

 

The Company has generated net operating loss carryforwards of approximately $10.0 million. The Company has also generated approximately $13.2 million of built-in losses in the form of start-up expenses. Federal and state tax laws impose significant restrictions on the utilization of net operating loss carryforwards and built-in losses in the event of a change in ownership of the Company that constitutes an “ownership change,” as defined by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). Although a formal study has not been completed, the Company has analyzed its equity ownership changes and believes that such an ownership change occurred upon the completion of its 2009 public offering. Federal net operating losses of approximately $5.3 million and built-in losses of $7.7 million incurred prior to the 2009 public offering are limited to a total of approximately $1.1 million, consisting of annual amounts of approximately $104,000 per year for each of the years 2013-2023. We believe that approximately $11.9 million of combined net operating losses and built-in losses will expire unused due to IRC Section 382 limitations. These limitations could be further restricted if additional ownership changes occur in future years.

  

Net federal and state operating loss carryforwards of approximately $4.6 million generated subsequent to the Company’s 2009 public offering will begin to expire in 2025. The net operating loss carryforwards are subject to examination until they expire.

 

The Company had no significant unrecognized tax benefits as of December 31, 2011 and 2010 and, likewise, no significant unrecognized tax benefits that, if recognized, would affect the effective tax rate. The Company had no positions for which it deemed that it is reasonably possible that the total amounts of the unrecognized tax benefit will significantly increase or decrease. The Company has adopted the policy of classifying income tax related interest and penalties as interest expense and general and administrative expense, respectively.

 

The tax years that remain subject to examination by major tax jurisdictions currently are:

 

Federal 2009 - 2011
State of Minnesota 2009 - 2011.