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EX-21 - SUBSIDIARIES OF ONCOLOGIX TECH, INC. - Oncologix Tech Inc.oncologix8312012exh21.htm
EX-99 - CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - Oncologix Tech Inc.oncologix8312012exh99.htm
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EX-32.1 - CERTIFICATION - Oncologix Tech Inc.oncologix8312012exh321.htm
EX-31.1 - CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER - Oncologix Tech Inc.oncologix8312012exh311.htm
EX-32.2 - CERTIFICATION - Oncologix Tech Inc.oncologix8312012exh322.htm
v2.4.0.6
Income Taxes
12 Months Ended
Aug. 31, 2012
Accounting Policies [Abstract]  
Income Taxes

NOTE 11 - INCOME TAXES

 

As of August 31, 2012, the Company has federal net operating loss carryforwards totaling approximately $29,000,000. Currently there are no state net operating loss carryforwards. The federal net operating loss carryforwards expire in various amounts beginning in 2004 and ending in 2032. The Company does not have any current state net operating loss carryforwards. Certain of the Company's net operating loss carryforwards may be subject to annual restrictions limiting their utilization in accordance with Internal Revenue Code Section 382, which include limitations based on changes in control. Due to our history of losses from operations, we have provided a valuation allowance for our net operating loss carryforwards and deferred tax assets, net of certain deferred tax liabilities.

 

ASC 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of ASC 740 – Income Taxes, the Company performed a review of its material tax positions. At the adoption date of ASC 740, the Company had no unrecognized tax benefit which would affect the effective tax rate.  As of August 31, 2012 and 2011, the Company had no accrued interest and penalties related to uncertain tax positions. The Company is primarily subject to U.S. and Michigan income taxes. The tax years 2009 to current remain open to examination by U.S. federal and state tax authorities.

 

A reconciliation of the beginning and ending accrual for uncertain tax positions is as follows:

 

    For the Year Ended August 31,
    2012    2011
          
Balance, beginning of year  $—     $—  
Decreases in tax positions for prior years   —      —  
Increase in tax positions for prior years   —      —  
Increases in tax positions for current year   —      —  
Settlements   —      —  
Lapse in statute of limitations   —      —  
          
Balance, end of year  $—     $—  

 

The income tax benefit for the years ended August 31, 2012 and 2011 is comprised of the following amounts:

 

    2012    2011 
Current:  $—     $—   
           
Deferred:          
  Federal   (612,000)   (322,000)
  State   —      —   
    (612,000)   (322,000)
Valuation Allowance   612,000    322,000 
   $—     $—   

 

The Company's tax benefit differs from the benefit calculated using the federal statutory income tax rate for the following reasons:

 

    2012    2011 
Statutory tax rate   34.0%   34.0%
State income taxes   —      —   
Change in valuation allowance   (34.0)%   (34.0)%
Effective tax rate   0.0%   0.0%

 

The components of the net deferred tax assets (liabilities) are as follows:

 

    2012    2011 
Deferred tax assets (liabilities):          
Property and equipment  $—     $—   
Intangible assets   —      —   
Other   —      —   
Net operating loss carryforward   9,875,000    10,487,000 
    9,875,000    10,487,000 
Valuation allowance   (9,875,000)   (10,487,000)
   $—     $—   

 

ASC 740 - Income Taxes, requires a valuation allowance to reduce the deferred tax assets if, based on the weight of the evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. After consideration of all the evidence, both positive and negative, management has determined that an $9,875,000 valuation allowance as of August 31, 2012 is necessary to reduce the net deferred tax assets to the amount that will more likely than not be realized. The decrease in the valuation allowance for the current year is $612,000.