ADLR » Topics » Income Taxes

This excerpt taken from the ADLR 10-K filed Feb 26, 2010.

Income Taxes

As of December 31, 2009, we had $404.4 million of Federal net operating loss carryforwards and $395.8 million of state net operating loss carryforwards, which are potentially available to offset future taxable income. The state net operating loss carryforwards begin expiring during 2019 and the Federal net operating loss carryforwards begin expiring in 2010. In addition, the utilization of the state net operating loss carryforwards is subject to annual limitation. At December 31, 2009, we also had $12.2 million of Federal and $0.3 million of state research and development tax credit carryforwards, which begin expiring in 2011, and are available to reduce Federal and state income taxes.

The Tax Reform Act of 1986 (the Act) provides for a limitation on the annual use of net operating loss and research and development tax credit carryforwards (following certain ownership changes, as defined by the Act) that could significantly limit our ability to utilize these carryforwards. We may have experienced various ownership changes, as defined by the Act, as a result of past financings. Additionally, because United States and certain state tax laws limit the time during which these carryforwards may be applied against future taxes, we may not be able to take full advantage of these attributes for Federal and state income tax purposes.

These excerpts taken from the ADLR 10-K filed Feb 26, 2009.

Income Taxes

As of December 31, 2008, we had $345.1 million of Federal net operating loss carryforwards and $336.4 million of state net operating loss carryforwards, which are potentially available to offset future taxable income. The state net operating loss carryforwards began expiring during 2008 and the Federal net operating loss carryforwards will begin expiring in 2009, if not utilized. In addition, the utilization of the state net operating loss carryforwards is subject to annual limitation. At December 31, 2008, we also had $11.3 million of Federal and $0.8 million of state research and development tax credit carryforwards, which begin expiring in 2011, and are available to reduce Federal and state income taxes.

The Tax Reform Act of 1986 (the Act) provides for a limitation on the annual use of net operating loss and research and development tax credit carryforwards (following certain ownership changes, as defined by the Act) that could significantly limit our ability to utilize these carryforwards. We may have experienced various ownership changes, as defined by the Act, as a result of past financings. Additionally, because United States and certain state tax laws limit the time during which these carryforwards may be applied against future taxes, we may not be able to take full advantage of these attributes for Federal and state income tax purposes.

Income Taxes

We provide for income taxes in accordance with SFAS No. 109, Accounting for Income Taxes, which requires that income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards, and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted.

Income Taxes

We
provide for income taxes in accordance with SFAS No. 109, Accounting for Income Taxes, which requires that income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are determined
based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards, and are measured using the enacted tax rates and laws that will be in effect when such items are
expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The effect on deferred income tax
assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted.

This excerpt taken from the ADLR 10-K filed Feb 29, 2008.

Income Taxes

As of December 31, 2007, we had approximately $295.9 million of Federal net operating loss carryforwards and $290.8 million of state net operating loss carryforwards, which are potentially available to offset future taxable income. The Federal and state net operating loss carryforwards will begin expiring in 2009 and 2008, respectively, if not utilized. In addition, the utilization of the state net operating loss carryforwards is subject to annual limitation. At December 31, 2007, we also had approximately $9.7 million of Federal and $0.7 million of state research and development tax credit carryforwards, which begin expiring in 2011, and are available to reduce Federal and state income taxes.

The Tax Reform Act of 1986 (the “Act”) provides for a limitation on the annual use of net operating loss and research and development tax credit carryforwards (following certain ownership changes, as defined by the Act) that could significantly limit our ability to utilize these carryforwards. We may have experienced various ownership changes, as defined by the Act, as a result of past financings. Additionally, because United States and certain state tax laws limit the time during which these carryforwards may be applied against future taxes, we may not be able to take full advantage of these attributes for Federal and state income tax purposes.

This excerpt taken from the ADLR 10-K filed Feb 27, 2007.

Income Taxes

As of December 31, 2006, we had approximately $271.1 million of Federal and $268.0 million of state net operating loss carryforwards potentially available to offset future taxable income. The Federal and state net operating loss carryforwards will begin expiring in 2009 and 2006, respectively, if not utilized. In addition, the utilization of the state net operating loss carryforwards is subject to annual limitation. At December 31, 2006, we also had approximately $8.4 million of Federal and $737,000 of state research and development tax credit carryforwards, which begin expiring in 2011, and are available to reduce Federal and state income taxes.

The Tax Reform Act of 1986 (the “Act”) provides for a limitation on the annual use of net operating loss and research and development tax credit carryforwards (following certain ownership changes, as defined by the Act) that could significantly limit our ability to utilize these carryforwards. We may have experienced various ownership changes, as defined by the Act, as a result of past financings. Additionally, because United States and certain state tax laws limit the time during which these carryforwards may be applied against future taxes, we may not be able to take full advantage of these attributes for Federal and state income tax purposes.

This excerpt taken from the ADLR 10-K filed Mar 3, 2006.

Income Taxes

 

As of December 31, 2005, we had approximately $196.9 million of Federal and $194.4 million of state net operating loss carryforwards potentially available to offset future taxable income. The Federal and state net operating loss carryforwards will begin expiring in 2009 and 2006, respectively, if not utilized. In addition, the utilization of the state net operating loss carryforwards is subject to a $2.0 million annual limitation. At December 31, 2005, we also had approximately $6.9 million of Federal and $836,000 of state research and development tax credit carryforwards, which begin expiring in 2011, and are available to reduce Federal and state income taxes.

 

The Tax Reform Act of 1986 (the “Act”) provides for a limitation on the annual use of net operating loss and research and development tax credit carryforwards (following certain ownership changes, as defined by the

 

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Act) that could significantly limit our ability to utilize these carryforwards. We may have experienced various ownership changes, as defined by the Act, as a result of past financings. Additionally, because United States tax laws limit the time during which these carryforwards may be applied against future taxes, we may not be able to take full advantage of these attributes for Federal income tax purposes.

 

This excerpt taken from the ADLR 10-K filed Mar 1, 2005.

Income Taxes

 

As of December 31, 2004, we had approximately $92,054,000 of Federal and $90,256,000 of state net operating loss carryforwards potentially available to offset future taxable income. The Federal and state net operating loss carryforwards will begin expiring in 2009 and 2005, respectively, if not utilized. In addition, the utilization of the state net operating loss carryforwards is subject to a $2.0 million annual limitation. At December 31, 2004, we also had approximately $5,569,000 of Federal and $789,000 of state research and development tax credit carryforwards, which begin expiring in 2011, and are available to reduce Federal and state income taxes.

 

The Tax Reform Act of 1986 (the “Act”) provides for a limitation on the annual use of net operating loss and research and development tax credit carryforwards (following certain ownership changes, as defined by the Act) that could significantly limit our ability to utilize these carryforwards. We may have experienced various ownership changes, as defined by the Act, as a result of past financings. Additionally, because United States tax laws limit the time during which these carryforwards may be applied against future taxes, we may not be able to take full advantage of these attributes for Federal income tax purposes.

 

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