Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:
 
 
 
For the Year Ended December 31,
 
 
 
2018
 
 
2017
 
Percentage of pre-tax income:
 
 
 
 
 
 
 
 
Statutory federal income tax rate
 
 
21
%
 
 
35
%
State taxes, net of federal tax benefit
 
 
4
%
 
 
11
%
Credits
 
 
3
%
 
 
2
%
Change in federal tax rate
 
 
-
%
 
 
(27
)%
Change in state tax rate
 
 
(6
)%
 
 
8
%
Provision to return
 
 
(4
)%
 
 
5
%
Stock based compensation shortfall
 
 
(1
)%
 
 
(4
)%
Other
 
 
-
%
 
 
-
%
Change in valuation allowance
 
 
(17
)%
 
 
(30
)%
Income taxes provision (benefit)
 
 
-
%
 
 
-
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of the net deferred tax asset as of December 31, 2018 and 2017 are the following (in thousands):
 
 
 
As of December 31,
 
 
 
 
2018
 
 
 
2017
 
Deferred tax assets:
 
 
 
 
 
 
 
 
Net operating loss carryovers
 
$
17,056
 
 
$
10,662
 
Stock compensation and other
 
 
1,674
 
 
 
1,839
 
Change in fair value of warrant liabilities
 
 
-
 
 
 
149
 
Amortization of license
 
 
4,346
 
 
 
5,410
 
Accruals and reserves
 
 
6
 
 
 
11
 
Tax credits
 
 
1,938
 
 
 
905
 
Start Up Costs
 
 
32
 
 
 
46
 
Total deferred tax assets
 
 
25,052
 
 
 
19,022
 
Less valuation allowance
 
 
(25,052
)
 
 
(19,022
)
Deferred tax asset, net of valuation allowance
 
$
-
 
 
$
-