Cryo-Cell International, Inc. 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

Nov. 30, 2013

The Company recorded the following income tax provision for the years ended November 30, 2013 and 2012.


	2013		2012
Current:
Federal	$	—	$	—
State		—		—
Foreign		169,000		169,000


Subtotal		169,000		169,000

Deferred:
Federal		—		1,561,700
State		—		157,300
Foreign		—		—


Subtotal		—		1,719,000


Income Tax Provision	$	169,000	$	1,888,000

Summary of Deferred Tax Assets and Liabilities

As of November 2013 and 2012 the tax effects of temporary differences that give rise to the deferred tax assets are as follows:


	2013
	Current			Non-current			Total
Tax Assets:
Deferred income (Net of Discounts)	$	216,000		$	3,574,000		$	3,790,000
NOLs, credits, and other carryforward items		—			3,055,000			3,055,000
Tax over book basis in unconsolidated affiliate		—			1,285,000			1,285,000
Accrued payroll		45,000			—			45,000
Reserves and other accruals		1,099,000			—			1,099,000
Stock compensation		—			392,000			392,000
Depreciation and Amortization		—			96,000			96,000
RSA Buy-out		—			1,090,000			1,090,000


Total Assets		1,360,000			9,492,000			10,852,000
Less: Valuation Allowance		(1,360,000	)		(9,492,000	)		(10,852,000	)

Net Deferred Tax Asset (Liability)	$	—		$	—			—


	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

Tax Liabilities:
Less: Valuation Allowance		(1,487,000	)		(9,460,000	)		(10,947,000	)

Net Deferred Tax Asset (Liability)	$	—		$	—			—

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, 2013
	2013			%			2012			%
Tax at Federal Statutory Rate		67,000			34.0			(1,560,000	)		(34.0	)
State Income Tax Effect		7,000			3.6			(167,000	)		(3.6	)
Decrease in valuation allowance		(115,000	)		–58.4			3,191,000			69.5
Permanent Disallowances		210,000			106.6			424,000			9.2
Foreign tax credits		(170,000	)		(86.3	)		(169,000	)		(3.7	)
Foreign tax withholding		170,000			86.3			169,000			3.7

Total income taxes	$	169,000			85.8		$	1,888,000			41.1

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, 2013:


Jurisdiction	Open Tax Years	Examinations in Process
United States – Federal Income Tax	2009 - 2012	N/A
United States – Various States	2008 - 2012	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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