Cryo-Cell International, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

Income Tax (Tables)

12 Months Ended

Nov. 30, 2012

The Company recorded the following income tax provision for the years ended November 30, 2012 and 2011.


	2012		2011
Current:
Federal	$	—	$	—
State		—		—
Foreign		169,000		172,000
Subtotal		169,000		172,000
Deferred:
Federal		1,561,700		—
State		157,300		—
Foreign		—		—

Subtotal		1,719,000		—

Income Tax Provision	$	1,888,000	$	172,000

Summary of deferred tax assets and liabilities

As of November 2012 and 2011 the tax effects of temporary differences that give rise to the deferred tax assets are as follows:


	2012
	Current			Non-current			Total
Tax Assets:
Deferred income (Net of Discounts)	$	214,000		$	3,366,000		$	3,580,000
NOL’s, credits, and other carryforward items		—			3,284,000			3,284,000
Tax over book basis in unconsolidated affiliate		—			1,227,000			1,227,000
Accrued payroll		41,000			—			41,000
Reserves and other accruals		1,232,000			—			1,232,000
Stock compensation		—			383,000			383,000
Depreciation and Amortization		—			37,000			37,000
RSA Buy-out		—			1,163,000			1,163,000


Total Assets:		1,487,000			9,460,000			10,947,000
Less: Valuation Allowance		(1,487,000	)		(9,460,000	)		(10,947,000	)

Net Deferred Tax Asset	$	—		$	—			—


	2011
	Current			Non-current			Total
Tax Assets:
Deferred income (Net of Discounts)	$	215,000		$	3,811,000		$	4,026,000
NOL’s, credits, and other carryforward items		—			3,223,000			3,223,000
Tax over book basis in unconsolidated affiliate		—			1,247,000			1,247,000
Accrued payroll		28,000			—			28,000
Reserves and other accruals		890,000			—			890,000
Deferred compensation		—			27,000			27,000
Stock compensation		—			77,000			77,000


Total Assets:		1,133,000			8,385,000			9,518,000

Tax Liabilities:
Depreciation and amortization	$	—		($	43,000	)	($	43,000	)
Less: Valuation Allowance		(923,000	)		(6,833,000	)		(7,756,000	)

Net Deferred Tax Asset (Liability)	$	210,000		$	1,509,000		$	1,719,000

Summary of federal statutory rate to pretax income

A reconciliation of the income tax provision with the amount of tax computed by applying the federal statutory rate to pretax income follows:


	For the Years Ended November 30, 2012
	2012			%			2011			%
Tax at Federal Statutory Rate		(1,560,000	)		(34.0	)		(712,000	)		(34.0	)
State Income Tax Effect		(167,000	)		(3.6	)		(76,000	)		(3.6	)
Increase in valuation allowance		3,191,000			69.5			784,000			37.4
Permanent Disallowances		424,000			9.2			176,000			8.4
Capital loss expirations		0			0			0			0
Foreign tax credits		(169,000	)		(3.7	)		(172,000	)		(8.2	)
Foreign tax withholding		169,000			3.7			172,000			8.2
Other		0			0			0			0

Total income taxes	$	1,888,000			41.1		$	172,000			8.2

Summary of open tax years and ongoing tax examinations in major jurisdictions

The table below summarizes the open tax years and ongoing tax examinations in major jurisdictions as of November 30, 2012:


Jurisdiction	Open Tax Years	Examinations in Process

United States – Federal Income Tax	2008 - 2011	N/A

United States – Various States	2007 - 2011	N/A

- Definition

Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

+ References + Details

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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