Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes  
Schedule of Components of Income Tax Expense (Benefit)

The Company’s tax expense differs from the “expected” tax expense for the years ended December 31, 2019 and 2018 (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):

 

 

 

 

 

 

 

 

 

    

2019

    

2018

Computed “expected” tax-benefit – Federal

 

$

(3,230)

 

$

(2,818)

Computed “expected” tax-benefit – State

 

 

(729)

 

 

(636)

Non-deductible stock-based compensation

 

 

864

 

 

288

Fair Market Value Adjustment – Warrants

 

 

 —

 

 

(1,051)

Change in valuation allowance

 

 

3,095

 

 

4,217

 

 

$

 —

 

$

 —

 

Schedule of Deferred Tax Assets and Liabilities

The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2019 and 2018 are as follows (in thousands ):

 

 

 

 

 

 

 

 

 

    

2019

    

2018

Deferred tax assets:

 

 

  

 

 

  

Stock issued for services

 

$

1,223

 

$

1,998

Accrued compensation

 

 

20

 

 

38

Stock issued for acquisition of program

 

 

1,301

 

 

1,224

Stock issued for license agreement

 

 

1,574

 

 

1,760

Stock issued for milestone payment

 

 

255

 

 

278

Amortizable license fee

 

 

 5

 

 

 5

Net operating loss carry-forward

 

 

48,532

 

 

44,512

Total gross deferred tax assets

 

 

52,910

 

 

49,815

Less: valuation allowance

 

 

(52,910)

 

 

(49,815)

Total net deferred tax assets

 

$

 —

 

$

 —