Annual Report  2013  Notes to Financial Statements  6.  Income tax expense (continued):  7. EQUIPMENT:  8. SHARE CAPITAL:  As at December 31, 2013, the Corporation has unused federal investment tax credits which expire from time to time as follows:  The Corporation has research and development expenditures not deducted at the end of the year, to be deducted over an indefinite  period for an amount of $3,692,188.  Equipment consists of leasehold improvements, furniture and fixtures, and computer equipment. The amounts are net of accumulated  depreciation of $169,278 (December 31, 2012 - $153,931). During the year ended December 31, 2013, the Corporation acquired  assets with a cost of $15,290 (2012 - $9,835).  The Corporation has authorized, issued and outstanding, 28,693,694 voting common shares as at December 31, 2013. 61  2017  $  133,652  2018  150,798  2019  1,623,342  2020  1,935,046  2021  1,295,097  2022  3,296,237  2023  1,840,597  2024  647,624  $  10,922,393  Movement in deferred tax balances during the year  Deferred Income  Taxes  Balance at January 1, 2012 $ 13,967,981  Recognized in profit and loss  (5,978,691)  Recognized directly in equity  690,085  Recognized in other comprehensive income  (6,250)  Balance at December 31, 2012 $ 8,673,125  Recognized in profit and loss  (8,257,300)  Recognized directly in equity  2,337,670  Recognized in other comprehensive income  1,031,520  Balance at December 31, 2013  $ 3,785,015  Issued Common Shares  Number of Shares  Amount  Balance at January 1, 2012 19,475,210  $ 200,822,160  Issued by short form prospectus in June 2012  2,515,000  49,042,500  Short form prospectus costs in June 2012  -  (2,756,123)  Income tax benefit of share issue costs  -  690,085  Issued after management RSU vesting  290,650  3,447,800  Options exercised in the period  50,625  607,500  Fair value of options exercised in the period  -  65,650  Shares issued in lieu of dividends on RSUs  5,157  96,600  Balance at December 31, 2012 22,336,642   $ 252,016,172  Issued by short form prospectus 2013  5,888,000  160,036,300  Short form prospectus costs 2013  -  (9,350,714)  Income tax benefit of share issue costs  -  2,337,670  Issued by private placement  181,821  5,000,000  Issued after director RSU vesting  46,250  486,672  Options exercised in the period  241,021  2,332,603  Fair value of options exercised in the period  -  378,873  Canceled under plan of arrangement  (40)  -  Balance at December 31, 2013  28,693,694   $ 413,237,576  Cash taxes paid in the year total $1,344,166 (2012 - $709,173). 