Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The Company’s tax expense differs from the “expected” tax expense for the years ended December 31, 2018 and 2017 (computed by applying the Federal corporate tax rate of 21% to loss before taxes and 4.74% for blended state income tax rate, the blended rate used was 25.74%), 
as follows (in thousands):
 
 
 
2018
 
 
2017
 
Computed “expected” tax-benefit – Federal
 
$
(2,818
)
 
$
(5,267
)
Computed “expected” tax-benefit – State
 
 
(636
)
 
 
(613
)
Adjustment of “expected” tax-benefit to actual
 
 
19
 
 
 
(2
)
Meals, entertainment and other
 
 
3
 
 
 
10
 
Non-deductible stock-based compensation
 
 
266
 
 
 
502
 
Fair Market Value Adjustment – Warrants
 
 
(1,051
)
 
 
(4,076
)
Impact of U.S. tax reform
 
 
-
 
 
 
21,555
 
Change in valuation allowance
 
 
4,217
 
 
 
(12,109
)
 
 
$
 
 
$
 
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, 2018 and 2017 are as follows (
in thousands
):
 
 
 
2018
 
 
2017
 
Deferred tax assets:
 
 
 
 
 
 
 
 
Stock issued for services
 
$
1,998
 
 
$
1,730
 
Accrued compensation
 
 
38
 
 
 
164
 
Stock issued for acquisition of program
 
 
1,224
 
 
 
1,202
 
Stock issued for license agreement
 
 
1,760
 
 
 
1,947
 
Stock issued for milestone payment
 
 
278
 
 
 
301
 
Amortizable license fee
 
 
5
 
 
 
6
 
Net operating loss carry-forward
 
 
44,512
 
 
 
40,248
 
Total gross deferred tax assets
 
 
49,815
 
 
 
45,598
 
Less: valuation allowance
 
 
(49,815
)
 
 
(45,598
)
Total net deferred tax assets
 
$
 
 
$