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EXCEL - IDEA: XBRL DOCUMENT - Parametric Sound CorpFinancial_Report.xls
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EX-23.1 - CONSENT - Parametric Sound Corpparametric_10k-ex2301.htm
EX-32.1 - CERTIFICATION - Parametric Sound Corpparametric_10k-ex3201.htm
EX-31.1 - CERTIFICATION - Parametric Sound Corpparametric_10k-ex3101.htm
EX-21.1 - SUBSIDIARIES - Parametric Sound Corpparametric_10k-ex2101.htm
EX-10.11.1 - STOCK OPTION PLAN AMENDMENT - Parametric Sound Corpparametric_10k-ex101101.htm
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10-K - FORM 10-K - Parametric Sound Corpparametric_10k-093012.htm
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EX-31.2 - CERTIFICATION - Parametric Sound Corpparametric_10k-ex3102.htm
v2.4.0.6
7. Income Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
7. INCOME TAXES

 

The Company recorded no income tax expense in 2012 or 2011 due to losses incurred. The Company generated federal tax net operating loss carryforwards related to expenditures incurred after the September 27, 2010 Spin-Off including costs incurred after incorporation and paid after the Spin-Off. At September 30, 2012 the Company had a federal and state net operating loss carryforward of approximately $4.5 million that will expire beginning in 2031 unless previously utilized. The Internal Revenue Code Section 382 limits net operating loss and tax credit carryforwards if an ownership change of more than fifty percent of the value of the stock in a loss corporation occurs within a three-year period. Any future equity issuances or significant ownership changes could result in Section 382 limits. Accordingly, the ability to utilize net operating loss and tax credit carryforwards could be restricted in the future.

 

The provision for income taxes consists of the following:

 

Years Ended September 30,   2012     2011  
Current tax benefit   $     $  
Deferred tax benefit     1,758,000       529,000  
Change in valuation allowance     (1,758,000 )     (529,000 )
Income tax benefit (provision)   $     $  

 

A reconciliation of income taxes at the federal statutory rate of 34% to the effective tax rate for the years ended September 30, 2012 and 2011 is as follows:

 

Years Ended September 30,   2012     2011  
Income taxes benefit computed at federal statutory rate   $ 1,517,000     $ 505,000  
State income taxes, net of federal effect     268,000       73,000  
Research tax credits           26,000  
Permanent differences and other     (27,000 )     (75,000 )
Change in valuation allowance     (1,758,000 )     (529,000 )
Income tax benefit (provision)   $     $  

 

 

The Company did not benefit from any of the carryforward tax attributes from periods prior to the Spin-Off including net operating loss carryforwards. A valuation allowance has been established to offset the deferred tax assets as realization of such assets is uncertain. The components of the net deferred tax assets are as follows:

 

At September 30,   2012     2011  
Deferred tax assets:                
Net operating losses   $ 1,805,000     $ 561,000  
Inventory reserve     382,000       382,000  
Research tax credits     19,000       26,000  
Stock-based and deferred compensation     683,000       165,000  
Accruals and other     53,000       4,000  
      2,942,000       1,138,000  
Deferred tax liabilities:                
Amortization, depreciation and other     137,000       91,000  
      137,000       91,000  
Net deferred tax assets     2,805,000       1,047,000  
Less valuation allowance     (2,805,000 )     (1,047,000 )
Net deferred taxes after valuation allowance   $     $  

 

The Company recognizes windfall tax benefits associated with the exercise of stock options directly to stockholders’ equity only when realized.  Accordingly, deferred tax assets are not recognized for net operating loss carryforwards resulting from windfall tax benefits occurring from September 27, 2010 onward.  At September 30, 2012 deferred tax assets do not include excess tax benefits from stock-based compensation of approximately $64,000.

 

The Company adopted ASC 740-10-25, Income Taxes—Recognition (formerly FIN 48) as of the date of incorporation. As of the date of the adoption, the Company had no unrecognized tax benefits and there were no material changes during the years ended September 30, 2012 and 2011. Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact its effective tax rate. The Company’s practice is to recognize interest and/or penalties related to income tax matters in income tax expense. Upon adoption of ASC 740-10-25, the Company did not record any interest or penalties. The Company is subject to income tax in the U.S. federal jurisdiction and the state of California. All years since the Company’s 2010 organization remain subject to examination but there are currently no ongoing exams in any taxing jurisdiction.