Incredimail 2012 Annual Report Download - page 121

PERION NETWORK LTD. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
The company has a Net operating loss carry-
forwards in the United States as of December 31, 2012 of approximately $
20,000.
Net operating losses in the U.S. may be carried forward through periods which will expire in the years starting from 2026
up to 2031. Utilization of U.S. net operating losses may be subject to substantial annual limitation due to the "change in
ownership" provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result
in the expiration of net operating losses before utilization.
Deferred taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for tax purposes.
Components of the Company's deferred tax assets (liabilities) are as follows:
NOTE 10:
-
INCOME TAXES (Cont.)
e.
Tax loss carry
-
forwards:
f.
Deferred tax assets, net:
December 31,
2011 2012
Deferred tax assets:
Net operating loss carry forwards
$
6,821
$
7,800
Other
331
500
Deferred tax assets, before valuation allowance
7,152
8,300
Valuation allowance
(4,113
)
(6,254
)
Total deferred tax assets, net of valuation allowance
3,039
2,046
Deferred tax liabilities:
Intangible assets
(2,281
)
(5,248
)
Deferred revenues
(427
)
-
Capitalized software development costs
(85
)
(148
)
Total deferred tax liabilities
(2,793
)
(5,396
)
Deferred tax asset (liability), net
$
246
$
(3,350
)
F
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