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Income Taxes (Tables)

11 Months Ended

Sep. 30, 2012

Income Taxes [Abstract]

Provisions for income taxes

		2012				2011
Federal—current		$	(4,808	)		$	—
State—current			800				2,492
Total		$	(4,008	)		$	2,492

Company's net deferred tax assets and liabilities

		2012				2011
Deferred tax assets (liabilities):
Net operating loss carryforwards		$	8,428,034			$	6,031,376
Capitalized research and development costs			336,475				519,141
Stock based compensation			380,989				280,633
Prepaid License Fees			4,641				50,769
AMT credit carryforwards			66,320				71,128
Other			78,620				85,366
Research credit carryforwards			49,310				58,361
Total deferred assets			9,344,389				7,096,774
Valuation allowance for net deferred tax assets			(9,344,389	)			(7,096,774	)
Total		$	—			$	—

Income taxes computed using federal income tax rate

		2012				2011
Amount computed using statutory rate		$	(2,666,961	)		$	(42,519	)
Net change in valuation allowance for net deferred tax assets			2,247,615				(18,388	)
Non-deductible items			807,533				798
Other			—				(18,378	)
State income tax			(392,995	)			78,487
State tax expense			800				2,492
(Benefit) provision for income taxes		$	(4,008	)		$	2,492

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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