CytoDyn Inc. General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

12 Months Ended

May 31, 2013

Reconciliation of the federal statutory income tax rate of 34% to the effective income tax rate is as follows for all periods presented:


	2013			2012
Income tax provision at statutory rate		34.0	%		34.0	%
State income taxes, net		5.1			5.1
Rate change		0.0			0.0
Other		0.0			0.0
Valuation allowance		(39.1	)		(39.1	)

		0.0	%		0.0	%

Net deferred tax assets and liabilities are comprised of the following as of May 31, 2013 and 2012:


	2013			2012
Deferred tax asset (liability) current:
Accrued salary and expenses	$	291,100		$	49,100
Debt discount amortization		(118,100	)		—
Valuation allowance		(173,000	)		(49,100	)

Deferred tax asset (liability) non-current	$	—		$	—

Net operating loss	$	8,256,000		$	6,317,000
Debt discount		(1,659,300	)		—
Expense on non-qualified stock options		2,928,000			2,093,100
Other		155,500			96,500

Valuation allowance		(9,680,200	)		(8,506,600	)

	$	—		$	—