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
 
Statutory federal income tax rate
 
 
21
%
 
 
35
%
State taxes, net of federal tax benefit
 
 
7
%
 
 
9
%
Non-deductible items
 
 
-
 
 
 
(2
)%
Credits
 
 
3
%
 
 
-
 
Federal tax rate change
 
 
-
 
 
(18
)%
State tax rate change
 
 
(2
)%
 
 
(1
)%
Other
 
 
(1
)%
 
 
(1
)%
Change in valuation allowance
 
 
(28
)%
 
 
(22
)%
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):
 
 
 
For the year ended December 31,
 
 
 
2018
 
 
2017
 
Deferred tax assets:
 
 
 
 
 
 
 
 
Net operating loss carryovers
 
$
14,305
 
 
$
7,236
 
Stock compensation and other
 
 
1,427
 
 
 
697
 
Change in warrant liability
 
 
45
 
 
 
50
 
Amortization of license
 
 
6,258
 
 
 
6,424
 
Accruals and reserves
 
 
237
 
 
 
22
 
Startup costs
 
 
6
 
 
 
8
 
Tax credits
 
 
1,070
 
 
 
178
 
Total deferred tax assets
 
$
23,348
 
 
$
14,615
 
Less valuation allowance
 
 
(23,348
)
 
 
(14,615
)
Deferred tax assets, net of allowance
 
$
-
 
 
$
-