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10-K - FORM 10-K - TRIMEDYNE INCtmed_10k-093012.htm
EX-32.1 - CERTIFICATION - TRIMEDYNE INCtmed_10k-ex3201.htm
EX-32.2 - CERTIFICATION - TRIMEDYNE INCtmed_10k-ex3202.htm
EX-31.2 - CERTIFICATION - TRIMEDYNE INCtmed_10k-ex3102.htm
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v2.4.0.6
6. Income Taxes
12 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Note 6 - Income Taxes

The deferred income tax balances at September 30, 2012 and 2011, are comprised of the following:

 

    2012     2011  
Deferred income tax assets (liabilities):                
Net operating loss carry forwards   $ 6,654,000     $ 8,463,000  
Inventories     259,000       193,000  
Reserves and accruals     244,000       605,000  
Research and development credits     2,172,000       2,341,000  
Depreciation and amortization     (24,000 )     (228,000 )
Other     87,000       73,000  
Valuation allowance     (9,392,000 )     (11,447,000 )
    $     $  

 

The valuation allowance for deferred tax assets decreased approximately $2,055,000 during the year ended September 30, 2012 and approximately $1,605,000 during the year ended September 30. 2011, primarily due to a portion of the Company's net operating loss carryforwards ("NOLS") for federal and state income tax reporting, as well as research and development tax credits that expired. For the years ended September 30, 2012 and 2011, the Company recorded a current provision for state income taxes of $13,000 and $9,000, respectively. There was not a provision for federal income taxes. In addition, there was not a provision for deferred income taxes due to a full valuation allowance on the Company’s deferred tax assets for fiscal years ended September 30, 2012 and 2011.

 

The Company's effective income tax rate differs from the statutory federal income tax rate as follows for the years ended September 30, 2012 and 2011:

 

    2012     2011  
Statutory federal income tax rate     34.0%       34.0%  
                 
Increase (decrease) in tax rate resulting from:                
State tax benefit, net of federal benefit     (1.1% )     (0.5% )
Other     0.8%       1.0%  
Valuation Allowance     (35.3% )     (33.9% )
Effective income tax rate     (1.6% )     (0.6% )

  

At September 30, 2012, the Company had NOL carry forwards for Federal and California income tax purposes, totaling approximately $20.4 million and $3.5 million, respectively. The NOL carryforwards include Federal and State R & D credits of $1.2 million and $1.5 million, respectively. At September 30, 2011, the Company had NOL carry forwards for Federal and California income tax purposes totaling approximately $25.1 million and $7.4 million, respectively. Federal and California NOL's have begun to expire and fully expire in 2031 and 2021, respectively. The Tax Reform Act of 1986 includes provisions which may limit the new operating loss carry forwards available for use in any given year if certain events occur, including significant changes in stock ownership. In addition, the Company has R & D credits that have begun to expire and fully expire in 2031 for federal tax purposes.

 

The Company has identified the United States Federal tax returns as its "major" tax jurisdiction. The United States Federal return years 2009 through 2011 are still subject to tax examination by the United States Internal Revenue Service; however, we do not currently have any ongoing tax examinations.  The Company is subject to examination by various State agencies for the years ended 2008 through 2011 and currently does not have any ongoing tax examinations.