Vonage 2008 Annual Report Download - page 75

V
O
NA
G
EH
O
LDIN
GS CO
RP
.
N
O
TE
S
T
OCO
N
SO
LIDATED FINAN
C
IAL
S
TATEMENT
S
—
(C
ontinued
)
(
In thousands, except per share amounts
)
N
o
t
e6.
I
n
co
m
e
T
a
x
es
T
he followin
g
table summarizes deferred taxes resultin
g
from differences between financial accountin
g
basis and ta
x
bas
i
s of asse
t
sa
n
d
li
ab
iliti
es.
D
ecem
b
er
3
1,
2008 200
7
C
urrent assets and liabilities:
D
eferred revenue
$
21
,
405
$
15
,
94
7
A
ccounts rece
i
va
bl
ean
di
nventor
y
a
ll
owances 1,309 1,90
3
A
ccrue
d
expense
s
4,
253 7
,
33
0
D
e
b
tor
i
g
i
na
li
ssue
di
scoun
t
(
2,027
)–
D
e
b
tre
l
ate
d
cost
s
1,
417
–
26
,
357 25
,
180
V
a
l
uat
i
on a
ll
owance
(
26,357
)(
25,180
)
Net current deferred tax asset
$
–
$
–
N
on-current assets an
dli
a
bili
t
i
es:
D
e
p
reciation and amortization
$(
1,141
)$(
5,227
)
A
ccrued ex
p
ense
s
7,408 9,54
6
R
esearch and develo
p
ment tax credit 4
69
4
69
S
tock o
p
tion com
p
ensation
1
7,059 12,23
3
C
a
p
ital lease
s
(
772
)(
356
)
De
f
e
rr
ed
r
e
v
e
n
ue
7,732 12,981
D
ebt ori
g
inal issue discoun
t
(
9,112
)–
Deb
tr
e
l
a
t
ed cos
t
s
6,564 –
N
et operatin
g
loss carryforward 331,983 327,96
5
360,190 357,61
1
Va
l
ua
ti
o
n
a
ll
o
w
a
n
ce
(
360,190
)(
357,611
)
N
e
tn
o
n-
cu
rr
e
nt
de
f
e
rr
ed
t
a
x
asse
t
$
–
$
–
We have net losses for financial reporting purposes.
R
eco
g
nition of deferred tax assets will require
g
eneration
o
ff
uture taxable income. There can be no assurance tha
t
we will generate sufficient taxable income in future years
.
Therefore
,
we established a valuation allowance on net
deferred tax assets of $386,547 as of December 31, 2008
and
$
382
,
791 as of December 31
,
2007
.
T
he com
p
onents of loss before income tax ex
p
ense are as follows
:
F
or the Years Ended December 31
,
2008 200
7
2006
U
nited
S
tate
s
$
(59,475)
$
(242,030)
$
(302,278)
F
ore
i
g
n
$
(4,423) (25,216) (36,510
)
$
(63,898)
$
(267,246)
$
(338,788)
F-1
5