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25
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Continued)
(g) Undistributed earnings, imputation credit account (ICA) and creditable ratio
December 31,
2010 2011
Accumulated deficit after 1997 $ (37,636,298) (58,639,466)
Imputation credit account $ 181,295 181,295
2010 2011
Creditable ratio -% -%
(h) The stockholders approved a resolution during their meetings on June 29, 2007, and June 8, 2011, allowing
the Company to avail of the Income Tax Holiday for qualifying investment projects under Article 9 of the
Statute for Upgrading Industries. On June 23, 2010, the Company was approved by Ministry of Finance, R.O.C.
to avail of the tax holiday commencing from January 1, 2011, from its Fab1 - Phase 4 and Fab- 2. In addition,
the Company has filed with the Industrial Development Bureau an application for the registration of its
investment project of migrating to 50nm technology as of December 31, 2011.
Duration of Income Tax Holiday
Inotera Fab-1 - Phase 4 and Fab-2 January 2011 to December 2015
(17) Stockholders' Equity
(a) Common stock
As of December 31, 2010 and 2011, the Company's government registered total authorized capital both
amounted to $60,000,000, and total issued common stock amounted to $46,378,990 and $46,416,950,
respectively, with $10 par value per share.
On June 8 and March 1, 2011, and December 9, 2010, the board of directors approved to increase the Company's
common stock arising from the exercise by employees of the stock options granted to them under the Employee
Stock Option Plan (ESOP). Accordingly, the Company issued 512 and 3,284 and 20,387 thousand shares, at
an issuance price of $10 per share, with total value amounting to $5,120, $32,840 and $203,870, respectively.
Also, the process for the registration thereof was completed.
On December 15, 2009, the board of directors approved to increase the Company's common stock through
the issuance of 640 million common shares for an issuance price of $22.5 per share. The capital surplus
generated from this capital increase amounted to $7,995,000 (after deducting commissions and offering
expenses payable by the Company). The proceeds from this capital increase were collected on February 6,
2010. Also, the process for the registration thereof was completed.