Tonix Pharmaceuticals Holding Corp. Annual report pursuant to section 13 and 15(d)

Annual report pursuant to section 13 and 15(d)

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

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

Deferred tax assets and liabilities and related valuation allowance as of December 31, 2013 and 2012 are as follows:

	December 31,
	2013		2012
Deferred tax assets:
Research and development credit carryforward (1)		6,188		6,188
Net operating loss carryforwards		9,040,045		5,207,759
Other		383,053		147,003

Total deferred tax assets		9,429,286		5,360,950

Valuation allowance		(9,429,286)		(5,360,950)

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 to the net loss and the effective income tax rate used to calculate the Company's income tax provision is as follows:

	Year Ended December 31,
	2013		2012
Statutory federal income tax	(34.0)	%	(34.0)	%
State income tax, net of federal tax effect	(10.5)	%	(5.9)	%
Permanent difference	6.7	%	5.0	%
Increase in valuation allowance	37.8	%	34.9	%

Income tax provision	0	%	0	%