Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

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Income Taxes
 9 Months Ended
Oct. 31, 2012
Income Taxes  
Income Taxes

7.                       Income Taxes

 

For the three and nine months ended October 31, 2011 the Company recorded income tax expenses of approximately $23,000 and $66,000, respectively. For the three months ended October 31, 2012 the Company recorded no income tax expenses and for the nine months ended October 31, 2012 the Company recorded an income tax benefit of $5,000.  The effective tax rates for the three and nine months ended October 31, 2012 were less than one percent based on the estimated tax loss for the fiscal year.

 

There were no material changes to the unrecognized tax benefits in the three and nine months ended October 31, 2012 and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year. Because of the Company’s history of tax losses, all years remain open to tax audit.