Vonage 2009 Annual Report Download - page 75

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VONAGE HOLDINGS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
Note 5. Accrued Expenses
December 31,
2009 2008
Compensation and related taxes and temporary labor $16,747 $14,776
Taxes and fees 14,415 14,313
Telecommunications 9,873 10,614
Marketing 9,331 14,482
Litigation 6,689 5,343
Customer credits 3,384 2,172
Accrued interest 3,304 3,350
Professional fees 2,209 3,439
Credit card fees 124 549
Inventory 95 874
Other accruals 3,000 3,570
$69,171 $73,482
Note 6. Income Taxes
The following table summarizes deferred taxes resulting from differences between financial accounting basis and tax
basis of assets and liabilities.
December 31,
2009 2008
Current assets and liabilities:
Deferred revenue $ 21,450 $ 21,405
Accounts receivable and inventory allowances 688 1,309
Accrued expenses 5,218 4,253
Debt original issue discount (2,098) (2,027)
Debt related costs 1,656 1,417
26,914 26,357
Valuation allowance (26,914) (26,357)
Net current deferred tax asset $–$–
Non-current assets and liabilities:
Depreciation and amortization $ 2,089 $ (1,141)
Accrued expenses 5,567 7,408
Research and development tax credit 469 469
Stock option compensation 19,820 17,059
Capital leases (1,275) (772)
Deferred revenue 3,173 7,732
Debt original issue discount (6,934) (9,112)
Debt related costs 6,014 6,564
Net operating loss carryforward 330,104 331,983
359,027 360,190
Valuation allowance (359,027) (360,190)
Net non-current deferred tax asset $–$–
F-15