Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
There was no income tax expense for the years ended December 31, 2016 and 2015 due to the Company’s net losses. The Company’s  tax expense differs from the “expected” tax expense for the years ended December 31, 2016 and 2015 (computed by applying the Federal Corporate tax rate of 34% to loss before taxes and 3.96% for blended state income tax rate, the blended rate used was 37.96%), as follows ( in thousands ):  
 
 
 
2016
 
2015
 
Computed “expected” tax-benefit – Federal
 
$
(9,453)
 
$
(14,870)
 
Computed “expected” tax-benefit – State
 
 
(1,101)
 
 
(1,732)
 
Adjustment of “expected” tax-benefit to actual
 
 
(431)
 
 
199
 
Meals, entertainment and other
 
 
10
 
 
8
 
Non-deductible stock-based compensation
 
 
574
 
 
877
 
Fair Market Value Adjustment – Warrants
 
 
(4,332)
 
 
1,447
 
Change in valuation allowance
 
 
14,733
 
 
14,071
 
 
 
$
 
$
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2016 and 2015 are as follows ( in thousands ):
 
 
 
2016
 
2015
 
Deferred tax assets:
 
 
 
 
 
 
 
Stock issued for services
 
$
1,861
 
$
922
 
Accrued compensation
 
 
119
 
 
105
 
Stock issued for acquisition of program
 
 
1,576
 
 
1,337
 
Stock issued for license agreement
 
 
3,147
 
 
2,308
 
Stock issued for milestone payment
 
 
478
 
 
-
 
Amortizable License Fee
 
 
9
 
 
-
 
Net operating loss carry-forward
 
 
50,517
 
 
38,302
 
Total gross deferred tax assets
 
 
57,707
 
 
42,974
 
Less: valuation allowance
 
 
(57,707)
 
 
(42,974)
 
Total net deferred tax assets
 
$
 
$