Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income from Operations Before Income Taxes

Income tax data for the year ended December 31, 2012, the nine months ended December 31, 2011 and the year ended March 31, 2011:

	December 31, 2012		December 31, 2011			March 31, 2011
The components of income from operations before income taxes are as follows:
Domestic	$	11,175,638	$	(1,845,024	)	$	(43,509	)
Foreign		95,768		248,143			—
Total	$	11,271,406	$	(1,596,881	)	$	(43,509	)

Provision for Income Taxes

	December 31, 2012			December 31, 2011			March 31, 2011
The components of income from operations before income taxes are as follows:
Domestic	$	11,175,638		$	(1,845,024	)	$	(43,509	)
Foreign		95,768			248,143			—
Total	$	11,271,406		$	(1,596,881	)	$	(43,509	)
The current and deferred components of the provision for income taxes on operations are as follows:
Current	$	312,630		$	—		$	—
Deferred		(3,197,261	)		15,774			—
Total	$	(2,884,631	)	$	15,774		$	—
The jurisdictional components of the provision for income taxes on operations are as follows:
Federal	$	(2,915,673	)	$	48,000		$	—
State		115,307			—			—
Foreign		(84,265	)		(32,226	)		—
Total	$	(2,884,631	)	$	15,774		$	—

Consolidated Deferred Tax Assets or Liabilities

The Company’s consolidated deferred tax assets (liabilities) consist of the following:

	December 31, 2012			December 31, 2011
Deferred tax assets:
Temporary timing differences	$	4,152,000		$	4,277,000
Net operating loss carryforwards		15,041,000			20,065,000
Tax business credits carryforwards		2,160,000			4,166,000
Total deferred tax assets		21,353,000			28,508,000
Valuation allowance		(18,307,000	)		(28,476,000	)
Net deferred tax assets	$	3,046,000		$	32,000
Deferred tax liabilities:
Goodwill	$	(72,000	)	$	(48,000	)
Acquired intangibles		—			(89,000	)
Net deferred tax assets (liabilities)	$	2,974,000		$	(105,000	)

Reconciliation of Federal Statutory Rate to Effective Income Tax Rate

The reconciliation of the federal statutory rate to the effective income tax rate for the year ended December 31, 2012, the nine-month fiscal year ended December 31, 2011 and the fiscal year ended March 31, 2011 is as follows:

	Period Ended,
	December 31, 2012					December 31, 2011					March 31, 2011
Income (loss) before income taxes	$	11,271,406			%	$	(1,596,881	)		%	$	(43,509	)		%
Expected tax (recovery) at statutory rate		3,944,996		35.0	%		(542,939	)	(34.0	)%		(14,793	)	(34.0	)%
Adjustments due to:
Difference between U.S. and foreign tax		(8,332	)	(0.1	)%		(19,287	)	(1.2	)%		—		(0.0	)%
State income and franchise taxes		357,866		3.2	%		52,905		3.3	%		96,141		221.0	%
Business tax credits		(67,276	)	(0.6	)%		(68,926	)	(4.3	)%		(66,126	)	(152.0	)%
Transaction costs		—		0.0	%		240,842		15.1	%		—		0.0	%
Gain on bargain purchase		(82,422	)	(0.7	)%		(112,427	)	(7.0	)%		—		(0.0	)%
Permanent differences		242,629		2.1	%		218,989		13.7	%		250,483		575.7	%
Change in valuation allowance		(7,272,092	)	(64.5	)%		246,587		15.4	%		(265,706	)	(610.7	)%
Provision (benefit) for income taxes	$	(2,884,631	)	(25.6	)%	$	15,744		1.0	%	$	—		(0.0	)%