Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
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, 2017 and 2016 (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):
 
 
 
2017
 
2016
 
Computed “expected” tax-benefit – Federal
 
$
(5,267)
 
$
(9,453)
 
Computed “expected” tax-benefit – State
 
 
(613)
 
 
(1,101)
 
Adjustment of “expected” tax-benefit to actual
 
 
(2)
 
 
(431)
 
Meals, entertainment and other
 
 
10
 
 
10
 
Non-deductible stock-based compensation
 
 
502
 
 
574
 
Fair Market Value Adjustment – Warrants
 
 
(4,076)
 
 
(4,332)
 
Impact of U.S. tax reform
 
 
21,555
 
 
-
 
Change in valuation allowance
 
 
(12,109)
 
 
14,733
 
 
 
$
 
$
 
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, 2017 and 2016 are as follows (in thousands ):
 
 
 
2017
 
2016
 
Deferred tax assets:
 
 
 
 
 
 
 
Stock issued for services
 
$
1,730
 
$
1,861
 
Accrued compensation
 
 
164
 
 
119
 
Stock issued for acquisition of program
 
 
1,202
 
 
1,576
 
Stock issued for license agreement
 
 
1,947
 
 
3,147
 
Stock issued for milestone payment
 
 
301
 
 
478
 
Amortizable license fee
 
 
6
 
 
9
 
Net operating loss carry-forward
 
 
40,248
 
 
50,517
 
Total gross deferred tax assets
 
 
45,598
 
 
57,707
 
Less: valuation allowance
 
 
(45,598)
 
 
(57,707)
 
Total net deferred tax assets
 
$
 
$