SEC Filings

S-1/A
AVEXIS, INC. filed this Form S-1/A on 02/01/2016
Entire Document
 

Table of Contents


AveXis, Inc.

Notes to Consolidated Financial Statements (Continued)

17. Income Taxes

          There is no provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets.

          A reconciliation of the difference between the federal statutory rate and the effective income tax rate as a percentage of income before taxes for the years ended December 31, 2014 and 2013 is as follows:

 
  December 31  
 
  2013   2014  
 
 
Amount
 
Tax Rate
 
Amount
 
Tax Rate
 

Federal statutory rate

  $ (914,401 )   34.00 % $ (5,339,964 )   34.00 %

Permanent differences

    68     (0.00 )%   1,110,536     (7.06 )%

Research and development credit

         — %   (42,958 )   0.27 %

Valuation allowance

    881,168     (32.77 )%   4,271,416     (27.20 )%

Other

    33,165     (1.23 )%   970     (0.01 )%

Effective income tax rate

  $     0.00 % $     0.00 %

          Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred taxes at December 31, 2013 and 2014 were as follows:

 
  December 31  
 
  2013   2014  
 
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 

Current:

                         

Accrued Expenses

  $   $   $ 1,387,370   $  

Other

    8,848         2,972      

Subtotal

    8,848         1,390,342      

Valuation allowance

    (8,848 )       (1,390,342 )    

Total current deferred taxes

                 

Net current deferred taxes

  $   $   $   $  

Long-term:

                         

Net operating loss carryforwards

  $ 1,028,929   $   $ 3,056,613   $  

Research and development credit

            42,958      

Amortization

    165,145         815,066      

Stock options and warrants

            137,360      

Fixed assets

    15,346             (1,077 )

Investment in BioLife Dallas

        (48,422 )        

Subtotal

    1,209,420     (48,422 )   4,051,997     (1,077 )

Valuation allowance

    (1,160,998 )         (4,050,920 )    

Total long-term deferred taxes

  $ 48,422   $ (48,422 ) $ 1,077   $ (1,077 )

Net long-term deferred taxes

  $   $   $   $  

F-48



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