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EXCEL - IDEA: XBRL DOCUMENT - NEW ENERGY TECHNOLOGIES, INC.Financial_Report.xls
10-K - FORM 10-K - NEW ENERGY TECHNOLOGIES, INC.v329104_10k.htm
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EX-31.1 - EXHIBIT 31.1 - NEW ENERGY TECHNOLOGIES, INC.v329104_ex31-1.htm
EX-32.1 - EXHIBIT 32.1 - NEW ENERGY TECHNOLOGIES, INC.v329104_ex32-1.htm
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v2.4.0.6
Income Taxes
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
Note 10. Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets at August 31, 2012 and 2011 are as follows:

 

    2,012     2,011  
Deferred tax assets:                
Net operating loss carryforwards   $ 2,506,712     $ 1,838,010  
Capitalized research and development     756,562       554,707  
Depreciation     (6,788 )     -  
Stock based compensation     659,793       654,728  
Accrued research and development fees     -       53,077  
Research and development credit carry forward     174,558       120,982  
Total deferred tax assets     4,090,837       3,221,504  
Less: valuation allowance     (4,090,837 )     (3,221,504 )
Net deferred tax asset   $ -     $ -  

 

The net increase in the valuation allowance for deferred tax assets was $869,333 and $1,267,271 for the years ended August 31, 2012 and 2011, respectively. The Company evaluates its valuation allowance requirements on an annual basis based on projected future operations. When circumstances change and this causes a change in management’s judgment about the realizability of deferred tax assets, the impact of the change on the valuation allowance is reflected in current operations.

 

For federal income tax purposes, the Company has net U.S. operating loss carry forwards at August 31, 2012 available to offset future federal taxable income, if any, of $7,372,681, which will fully expire by the fiscal year ended August 31, 2032. Accordingly, there is no current tax expense for the years ended August 31, 2012 and 2011. In addition, the Company has research and development tax credit carry forwards of $174,558 at August 31, 2012, which are available to offset federal income taxes and begin to expire during the year ended August 31, 2026.

 

The utilization of the tax net operating loss carry forwards may be limited due to ownership changes that have occurred as a result of sales of common stock.

 

The effects of state income taxes were insignificant for the years ended August 31, 2012 and 2011.

 

 

The following is a reconciliation between expected income tax benefit and actual, using the applicable statutory income tax rate of 34% for the years ended August 31, 2012 and 2011:

 

    2012     2011  
             
Income tax benefit at statutory rate   $ 827,367     $ 1,230,715  
Non-deductible meals and entertainment     (1,280 )     (1,987 )
Change in fair value of warrant liability     -       2,740  
Research and development credit     53,576       35,803  
Other     (10,330 )     -  
Change in valuation allowance     (869,333 )     (1,267,271 )
    $ -     $ -  

 

The fiscal years 2009 through 2012 remain open to examination by federal authorities and other jurisdictions in which the Company operates.