Tonix Pharmaceuticals Holding Corp. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets and liabilities and related valuation allowance as of December 31, 2012 and 2011 are as follows:

	December 31,
	2012			2011
Deferred tax assets:
Organization costs	$	-		$	733
Research and development credit carryforward (1)		6,188			6,188
Net operating loss carryforwards		5,207,759			2,329,829
Other		147,003			132,482

Total deferred tax assets		5,360,950			2,469,232

Valuation allowance		(5,360,950	)		(2,469,232	)

Net deferred tax assets	$	0		$	0

(1)

The Company has incurred research and development (“R&D”) expenses, a portion of which may qualify for tax credits. The Company has not conducted an R&D credit study to quantify the amount of credits and has not claimed an R&D credit on its federal tax returns filed except for $6,188 in 2007. The Company may conduct the study in future years and may establish the R&D credit carryforward for prior years. In such event, the net operating loss carryforward will be correspondingly reduced by the amount of the credit.

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the effect of applying the federal statutory rate and the effective income tax rate used to calculate the Company's income tax provision is as follows:

	Year Ended December 31,
	2012			2011
Statutory federal income tax		(34.0	)%		(34.0	)%
State income tax, net of federal tax effect		(10.5	)%		(5.9	)%
Permanent difference		13.9	%		5.0	%
Increase in valuation allowance		30.6	%		34.9	%

Income tax provision		0	%		0	%