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

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
May 31, 2014
Reconciliation of Federal Statutory Income Tax

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

 

     2014     2013  

Income tax provision at statutory rate

     34.0     34.0

State income taxes, net

     0.4        5.1   

Rate change

     (9.6     0.0   

Other

     0.0        0.0   

Valuation allowance

     (24.8     (39.1
  

 

 

   

 

 

 
  0.0   0.0
  

 

 

   

 

 

 
Net Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities are comprised of the following as of May 31, 2014 and 2013:

 

     2014      2013  

Deferred tax asset (liability) current:

     

Accrued salary and expenses

   $ 159,300       $ 291,100   

Debt discount amortization

     —          (118,100 )

Valuation allowance

     (159,300      (173,000
  

 

 

    

 

 

 
$ —     $ —    
  

 

 

    

 

 

 

Deferred tax asset (liability) non-current:

Net operating loss

$ 9,957,400    $ 8,256,000   

Debt discount

  (663,700   (1,659,300 )

Expense on non-qualified stock options

  2,893,300      2,928,000   

Other

  176,200      155,500   
  

 

 

    

 

 

 

Valuation allowance

  (12,363,200   (9,680,200
  

 

 

    

 

 

 
$ —     $ —