Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Schedule of Deferred Tax Assets
    As of December 31,  
    2012     2011  
Deferred tax assets:                
Net operating loss carryforwards   $ 24,767,569     $ 29,701,483  
R&D credit carryforwards     6,546,049       7,610,672  
Temporary differences     2,408,108       371,610  
Deferred tax assets before valuation allowance     33,721,726       37,683,765  
Valuation allowance     (33,721,726 )     (37,683,765 )
Net deferred tax assets   $ --     $ --  

 

Schedule of Credit Carryforward Amounts

 

          As of December 31, 2012  
Generated     Expiration       U.S. Net Operating Loss Carryforwards       U.S. R&D Credit Carryforwards  
1998     2013     $ 17,142,781     $ 1,173,387  
1999     2014       --       130,359  
2000     2015       --       71,713  
2001     2016       --       39,128  
2002     2017       1,282,447       5,350  
2003     2018       337,714       2,905  
2004     2019       1,237,146       22,861  
2005     2020       3,246,062       218,332  
2006     2021       3,127,238       365,541  
2007     2022       2,863,443       342,898  
2008     2023       2,826,656       531,539  
2009     2024       13,753,769       596,843  
2010     2025       5,425,105       1,094,449  
2011     2026       1,904,744       1,950,744  
2012     2027       27,744,687       --  
Total carryforwards     $ 80,891,792     $ 6,546,049  

 

Schedule of Effective Income Tax Rate Reconciliation
    Years Ended December 31,  
    2012     2011     2010  
    Amount     %     Amount     %     Amount     %  
Benefit at statutory rate   $ (9,913,450 )     (34.0 %)   $ (8,516,176 )     (34.0 %)   $ (19,122,958 )     (34.0 %)
Adjustments to valuation allowance     9,668,770       33.2 %     --       --       3,410,056       6.1 %
Loss on extinguishment of debt     --       --       --       --       14,179,468       25.2 %
Permanent items and other     244,680       0.8 %     636,033       2.5 %     (601,469 )     (1.1 %)
Benefit per financial statements   $ --             $ (7,880,143 )           $ (2,134,903 )