2012 Annual Report - Prometic - Life Science, Inc.

Available temporary differences not recognized at the reporting date are as follows:
December 31, December 31,
2012 2011
Deferred tax assets not recognized at the reporting date:
- Tax losses (non capital) $ 102,544 $ 102,180
- Tax losses (capital) 37,924 37,203
- Unused research and development expenses 19,243 19,243
- Unrealized loss on exchange rate 2,585 1,861
- Share issue expenses 634 448
- Interest expenses carried forward 2,624 4,656
- Trade and other payables 2,066 2,281
- Capital assets 775 724
- Licenses and patents 1,662 1,677
- Start-up expense 6,399 7,098
$ 176,456 $ 177,371
As at December 31, 2012, The Corporation and its subsidiaries have non-capital lossess of $102,544 available to reduce future taxable income for
which the benefits have not been recognized. These losses expire at various dates to 2032.
As at December 31, 2012, the Company also had unused federal tax credits available to reduce future Canadian taxable income in the amount of
$5,661 and expiring between 2020 to 2031. Those tax credits have not been recorded and no future income tax liability has been recorded with
respect to those tax credits.
If the Company were to recognize all deferred tax assets, profit would increase by $50,365
Canada
Foreign
Federal Provincial Countries
Deductions:
Research and development expenses, without time limit $ 19,243 $ 28,198 $ -
Share issue expenses 634 634 -
Interest deductions carryover - - 2,624
19,877 28,832 2,624
PROMETIC LIFE SCIENCES INC.
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Losses carried forward expiring in:
2013 $ - $ - $ -
2014 1,775 1,382 -
2015 521 - -
2016 - - -
2017 - - -
2018 - - -
2019 - - -
2020 - - -
2021 - - 1,443
2022 - - -
2023 - - 2,345
2024 - - 3,153
2025 - - 2,464
2026 6,455 5,008 3,492
2027 6,164 4,864 8,364
2028 8,491 7,179 8,500
2029 3,151 2,099 3,340
2030 3,681 2,511 7,911
2031 4,944 4,291 7,567
2032 5,703 6,534 1,410
$ 40,885 $ 33,868 $ 49,989