Ddweller re income tax reversal and income affect you said:
..."Overall the deferred tax asset is a good thing when we start to make money in that it will ultimately reduce the amount of cash that is paid out for taxes."
Very much agree.
But you also said:
..."It doesn't impact our income statement in any way so it will be lost on wall street IMO....The bad news is it will not impact the income statement and nobody but accountants will have any chance of understanding what it all means anyway."
This is where I will disagree. According to IDCC's latest public comment on this issue in the 8K of January 26, 2006, they clearly state that a portion of the reversal will affect income and a portion of the reversal will affect paid-in capital as follows:
..."As a result, the Company expects to reverse the majority of the remaining valuation allowance against its deferred tax assets in fourth quarter 2005, portions of the valuation allowance reversal will be credited directly to additional paid-in-capital and a portion will be recognized as income in the statement of operations."
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