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v2.4.0.6
Income Taxes
12 Months Ended
Oct. 31, 2012
Income Taxes [Abstract]  
Income Taxes
 
6. Income Taxes
 
We have not filed federal or state tax returns for the years ended October 31, 2004–2011. We did not believe that we owed material federal or state taxes for these fiscal years as a result of our operating losses. As of October 31, 2012, we had approximately $23.8 million of net operating losses (“NOL”) carryforwards for federal and state income purposes. These losses are available for future years and expire through 2032. Utilization of these losses may be severely or completely limited if we undergo an ownership change pursuant to Internal Revenue Code Section 382.
 
The deferred tax asset is summarized as follows:
 
 
   
October 31,
 
   
2011
   
2010
Deferred tax assets:
   
   
   
   
   
   
   
   
                 
Net operating loss carry forwards
   
  $
8,024,000
  
   
  $
6,622,000
  
                 
Accounts payable and accrued expenses not currently deductible
   
    
68,000
  
   
    
116,000
  
 
   
  $
8,092,000
  
   
  $
6,738,000
  
                 
Valuation allowance
   
    
(8,092,000
)  
   
    
(6,738,000
)  
                 
Net deferred income tax asset
   
  $
   
   
  $
   
 
Generally accepted accounting principles requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of our history of operating losses, management has provided a valuation allowance equal to its net deferred tax assets.