Schedule of significant components of the Company's deferred tax assets and liabilities |
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2013 |
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2012 |
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Deferred tax assets: |
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Amortization |
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$ |
80,387 |
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$ |
91,871 |
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Depreciation |
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1,922,332 |
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1,535,952 |
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Accrued expense |
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332,539 |
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1,208,846 |
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Deferred revenue |
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350,447 |
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6,962,506 |
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Federal tax credits |
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14,081,615 |
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5,383,092 |
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State tax credits |
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1,587,217 |
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1,094,833 |
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Federal net operating losses |
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88,187,475 |
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71,752,278 |
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State net operating losses |
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10,456,688 |
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7,619,606 |
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Capitalized research and development costs |
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12,254,381 |
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10,479,055 |
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Other |
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3,211,720 |
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742,341 |
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Total gross deferred tax assets |
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132,464,801 |
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106,870,380 |
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Less valuation allowance |
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(132,464,801 |
) |
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(106,870,380 |
) |
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Net deferred tax assets |
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$ |
— |
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$ |
— |
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