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

Income Taxes (Tables)

12 Months Ended

Nov. 30, 2015

The Company recorded the following income tax provision for the years ended November 30, 2015 and 2014.

As of November 2015 and 2014, the tax effects of temporary differences that give rise to the deferred tax assets are as follows:


	2015
	Current		Non-current			Total
Tax Assets:
Deferred income (Net of Discounts)	$	218,000	$	4,406,000		$	4,624,000
NOL’s, credits, and other carryforward items		—		1,137,000			1,137,000
Tax over book basis in unconsolidated affiliate		—		1,686,000			1,686,000
Accrued payroll		55,000		—			55,000
Reserves and other accruals		1,063,000		—			1,063,000
Stock compensation		—		618,000			618,000
Depreciation and Amortization		—		7,000			7,000
RSA Buy-out		—		810,000			810,000


Total Assets:		1,336,000		8,664,000			10,000,000

Tax Liabilities:
Unrealized gains on AFS securities		—		(103,000	)		(103,000	)

Total Liabilities:				(103,000	)		(103,000	)
Less: Valuation Allowance		—		(2,630,000	)		(2,630,000	)

Net Deferred Tax Asset	$	1,336,000	$	5,931,000			7,267,000


	2014
	Current			Non-current			Total
Tax Assets:
Deferred income (Net of Discounts)	$	217,000		$	3,934,000		$	4,151,000
NOL’s, credits, and other carryforward items		—			2,260,000			2,260,000
Tax over book basis in unconsolidated affiliate		—			1,417,000			1,417,000
Accrued payroll		49,000			—			49,000
Reserves and other accruals		1,066,000			—			1,066,000
Stock compensation		—			391,000			391,000
Depreciation and Amortization		—			165,000			165,000
RSA Buy-out		—			1,018,000			1,018,000


Total Assets:		1,332,000			9,185,000			10,517,000
Tax Liabilities:
Less: Valuation Allowance		(1,332,000	)		(9,185,000	)		(10,517,000	)

Net Deferred Tax Asset	$	—		$	—			—

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, 2015
	2015			%			2014			%
Tax at Federal Statutory Rate	$	272,000			34.0		$	272,000			34.0
State Income Tax Effect		29,000			3.6			29,000			3.6
Change in Valuation Allowance		264,000			33.0			(301,000	)		(37.7	)
Valuation Allowance Release		(8,151,000	)		(1,019.4	)		0			0
Permanent Disallowances		160,000			20.0			123,000			15.2
Other		269,000			33.6			0			0
Foreign tax credits		(150,000	)		(18.8	)		(124,000	)		(15.5	)
Foreign tax withholding		150,000			18.8			124,000			15.5


Total income taxes	$	(7,157,000	)		(895.2	)	$	123,000			15.1

The table below summarizes the open tax years and ongoing tax examinations in major jurisdictions as of November 30, 2015:


Jurisdiction	Open Tax Years	Examinations in Process
United States – Federal Income Tax	2011 - 2014	N/A
United States – Various States	2010 - 2014	N/A