Income Taxes

6 Months Ended

Jun. 30, 2013

Income Taxes

Income Taxes

9. Income Taxes

There is no provision for income taxes because the Company has incurred operating losses since inception. At June 30, 2013 the Company has concluded that it is more likely than not that the Company may not realize the benefit of its deferred tax assets due to its history of losses. Accordingly, the net deferred tax assets have been fully reserved.

As of June 30, 2013, the Company does not have any accrued interest or penalties related to uncertain tax positions. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company does not have any interest or penalties related to uncertain tax positions in income tax expense for the three and six months ended June 30, 2013 and 2012. The tax years 2005 through 2012 remain open to examination by the major taxing jurisdictions to which the Company is subject.