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INCOME TAXES | 12 Months Ended
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Sep. 30, 2011
Notes to Financial Statements |
INCOME TAXES | At September 30, 2011, the Company had a federal net operating loss carryforward of approximately $138 million expiring from 2012 through 2031. In addition, the Company has a general business credit as a result of the credit for increasing research activities of approximately $2,341,000 at September 30, 2011 and 2010. These tax credits begin expiring after twenty years from the year in which the credit was generated. The components of the deferred taxes at September 30, 2011 and 2010 are comprised of the following:
|  | 2011 |  | 2010
Net operating loss |  | $ | 51,381,945 |  |  | $ | 45,940,445 |
R&D credit |  |  | 2,340,614 |  |  |  | 2,340,614 |
Stock-based compensation |  |  | 1,597,790 |  |  |  | 1,243,647 |
Vacation and other |  |  | 190,522 |  |  |  | 83,593 |
Deferred rent |  |  | 991,091 |  |  |  | 970,224 |
Litigation liability |  |  | 1,842,297 |  |  |  | — |
Total deferred tax assets |  |  | 58,344,259 |  |  |  | 50,578,523 |
Derivative gain |  |  | (3,639,050 | ) |  |  | (2,133,259 | )
Depreciation |  |  | (76,841 | ) |  |  | (80,026 | )
Total deferred tax liabilities |  |  | (3,715,891 | ) |  |  | (2,213,285 | )
Valuation allowance |  |  | (54,628,368 | ) |  |  | (48,365,238 | )
Net deferred tax asset |  | $ | — |  |  | $ | — |
In assessing the realization of the deferred tax assets, management considered whether it was more likely than not that some portion or all of the deferred tax asset will be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income. Management has considered the history of the Company's operating losses and believes that the realization of the benefit of the deferred tax assets cannot be reasonably assured. In addition, under the Internal Revenue Code Section 382, the Company's ability to utilize these net operating loss carryforwards may be limited or eliminated in the event of a change in ownership in the future. Internal Revenue Code Section 382 generally defines a change in ownership as the situation where there has been a more than 50 percent change in ownership within the last three years. The Company’s effective tax rate is different from the applicable federal statutory tax rate. The reconciliation of these rates for the three years ended September 30, 2011 is as follows:
|  | 2011 |  | 2010 |  | 2009
Federal Rate |  |  | 34.00 | % |  |  | 34.0 | % |  |  | 34.00 | %
State tax rate, net of federal benefit |  |  | 3.22 | % |  |  | 5.91 | % |  |  | 3.96 | %
State tax rate change |  |  | 12.06 | % |  |  | 0 | % |  |  | 0 | %
R&D credit |  |  | 0 | % |  |  | 0 | % |  |  | 2.01 | %
R&D credit true-up |  |  | 0 | % |  |  | 0 | % |  |  | -0.40 | %
Other adjustments |  |  | (0.04 | %) |  |  | 0 | % |  |  | 0 | %
Nondeductible expenses |  |  | (0.48 | %) |  |  | 0.02 | % |  |  | 0 | %
Valuation allowance |  |  | -24.64 | % |  |  | -39.93 | % |  |  | -39.57 | %
Effective tax rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
The Company adopted the provisions of Codification 740-10, “Accounting for Uncertainty in Income Taxes” on October 1, 2007 which requires financial statement benefits be recognized for positions taken for tax return purposes, when it is more likely than not that the position will be sustained. The Company has concluded that it has properly filed its tax returns and does not believe that any of the positions it has taken would result in a disallowance of any of these tax positions. Therefore, the Company has concluded that adoption of ASC 740-10 had no impact on its financial positions. No interest or penalties have been accrued as a result of adoption of this requirement. In the United States, the Company’s tax returns are open to examination from 2007 forward.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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