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 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 years ended December 31,
 
 
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Statutory federal income tax rate
 
 
35
%
 
35
%
State taxes, net of federal tax benefit
 
 
11
%
 
1
%
Credits
 
 
2
%
 
3
%
Change in federal tax rate
 
 
(27)
%
 
-
 
Change in state tax rate
 
 
8
%
 
(2)
%
Provision to return
 
 
5
%
 
5
%
Stock based compensation shortfall
 
 
(4)
%
 
(4)
%
Other
 
 
-
 
 
(2)
%
Change in valuation allowance
 
 
(30)
%
 
(36)
%
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, 2017 and 2016 are the following (in thousands):
 
 
 
As of December 31,
 
 
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Deferred tax assets:
 
 
 
 
 
 
 
Net operating loss carryovers
 
$
10,662
 
$
5,148
 
Stock compensation and other
 
 
1,839
 
 
1,624
 
Change in fair value of warrant liabilities
 
 
149
 
 
157
 
Amortization of license
 
 
5,410
 
 
4,656
 
Accruals and reserves
 
 
11
 
 
25
 
Tax credits
 
 
905
 
 
733
 
Start Up Costs
 
 
46
 
 
54
 
Total deferred tax assets
 
 
19,022
 
 
12,397
 
Less valuation allowance
 
 
(19,022)
 
 
(12,397)
 
Deferred tax asset, net of valuation allowance
 
$
-
 
$
-