Income Taxes
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9 Months Ended | |
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Sep. 30, 2013
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Income Tax Disclosure [Abstract] | ||
Income Tax Disclosure [Text Block] | (5) Income Taxes The tax provision for interim periods is determined using an estimate of the Company’s effective tax rate for the full year adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter the Company updates its estimate of the annual effective tax rate, and if the estimated tax rate changes, the Company makes a cumulative adjustment. At September 30, 2013 and December 31, 2012, the Company has a full valuation allowance against its deferred tax assets, net of expected reversals of existing deferred tax liabilities, as it believes it is more likely than not that these benefits will not be realized. On January 2, 2013, an extension of the research and development credit in the U.S. was signed into law. While the Company fully intends to take advantage of the research and development credit for the 2012 and 2013 tax years, no benefit has been recorded in the financial statements due to the full valuation allowance position in the U.S. During the three months ended September 30, 2013, the Company reversed accrued income tax payable of $55,342 related to an uncertain tax position that was taken in a prior period. |