Neogenix Oncology Inc - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - April 23, 2012
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Income Taxes
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9 Months Ended |
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Sep. 30, 2011
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| Income Taxes | Note 4 - Income Taxes
As of September 30, 2011, the Company has recorded a full valuation allowance against the net deferred tax assets related to temporary differences and current operating losses because there is significant uncertainty as to the realizability of the deferred tax assets. Based on a number of factors, the currently available, objective evidence indicates that it is more-likely-than-not that the net deferred tax assets will not be realized.
As defined in Section 382 of the Internal Revenue Code, the Company may have undergone, or may undergo in the future, a greater than fifty percent ownership change as a result of its financing initiatives. Consequently, there may be limitations on the amount of the net operating loss carryforwards which may be used to offset future taxable income in any one year.
The Company files tax returns filed in multiple jurisdictions; such returns are subject to audit by the taxing authorities. As of September 30, 2011, the Company’s tax returns for 2007 through 2010 remain open for audit by the taxing authorities. The Company had no uncertain tax positions as of September 30, 2011. |
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