General form of registration statement for all companies including face-amount certificate companies

8. Income Taxes (Tables)

v3.19.1
8. Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Components of loss before income taxes
    Year ended December 31,  
    2018     2017  
Domestic (U.S.)   $ (3,824,673 )   $ (5,889,926 )
Foreign (U.K.)     (3,379,268 )     2,398,830  
Foreign (Germany)     (96,517 )     (104,036 )
Loss before income taxes   $ (7,300,458 )   $ (3,595,132 )
Reconciliation of income tax provision (benefit)
    Year ended December 31,  
    2018     2017  
Federal   $ (1,533,096 )   $ (1,222,345 )
State     (238,952 )     (303,315 )
Increase in tax losses not recognized     1,695,482       (359,833 )
Permanent differences, net     40,015       162,543  
Foreign rate differential     124,294       (383,601 )
Share-based payments, net     20,441       (22,087 )
Changes per enacted tax reform           2,320,059  
Enhanced research and development tax credits     (108,184 )     (191,421 )
Net provision (benefit) for income taxes   $     $  
Schedule of deferred tax assets and liabilities
    Year ended December 31,  
    2018     2017  
Deferred tax assets:                
U.K. net operating loss carryforwards   $ 8,039,343     $ 7,641,719  
U.K. capital loss carryforwards     1,298,303       1,378,643  
U.S. federal net operating loss carryforwards     3,184,691       2,606,017  
IPR&D     6,108,078       6,776,473  
Share-based payments     1,859,357       1,527,615  
Enhanced research and development tax credits     1,109,026       1,060,200  
Germany net operating loss carryforwards     524,093       516,401  
U.S. state net operating loss carryforwards     1,298,745       1,057,856  
Accrued expenses     59,979       198,067  
Depreciation     3,283       1,948  
Other            
Total deferred tax assets before valuation allowance     23,484,898       22,764,939  
Valuation allowance for deferred tax assets     (23,484,898 )     (22,764,939 )
Deferred tax liabilities:                
Indefinite-lived intangible asset     (2,918,518 )     (2,918,518 )
Debt discount            
Total deferred tax liabilities     (2,918,518 )     (2,918,518 )
Net deferred liability   $ (2,918,518 )   $ (2,918,518 )