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

Income Taxes (Tables)

12 Months Ended

May. 31, 2015

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


	2015			2014
Income tax provision at statutory rate		34.0	%		34.0	%
State income taxes, net		0.0			0.4
Rate change		(0.6	)		(9.6	)
Derivative gain/loss		(1.2	)		—
Valuation allowance		(32.2	)		(24.8	)

		0.0	%		0.0	%

Net deferred tax assets and liabilities are comprised of the following as of May 31, 2015 and 2014:


	2015			2014
Deferred tax asset (liability) current:
Accrued expenses	$	219,100		$	159,300
Debt discount and amortization					—
Valuation allowance		(219,100	)		(159,300	)

	$	—		$	—

Deferred tax asset (liability) non-current:
Net operating loss	$	16,857,600		$	9,957,400
Debt discount		(902,700	)		(663,700	)
Expense on non-qualified stock options		3,073,500			2,893,300
Other		211,700			176,200

Valuation allowance		(19,240,100	)		12,363,200

	$	—		$	—