|
8. Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Income Tax Disclosure [Abstract] |
|
| Components of loss before income taxes |
| |
|
Year
ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Domestic (US) |
|
$ |
(4,040,654 |
) |
|
$ |
(547,508 |
) |
| Foreign (UK) |
|
|
(10,003,427 |
) |
|
|
(7,855,509 |
) |
| Foreign (Germany) |
|
|
(263,023 |
) |
|
|
(176,229 |
) |
| Loss before income taxes |
|
$ |
(14,307,104 |
) |
|
$ |
(8,579,246 |
) |
|
| Reconciliation of income tax provision (benefit) |
| |
|
Year
ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Federal |
|
$ |
(4,860,256 |
) |
|
$ |
(1,994,675 |
) |
| State |
|
|
(145,209 |
) |
|
|
– |
|
| Increase in tax losses not recognized |
|
|
4,949,805 |
|
|
|
1,461,836 |
|
| Permanent differences, net |
|
|
(1,529,190 |
) |
|
|
674,920 |
|
| Foreign rate differential |
|
|
1,184,770 |
|
|
|
(100,131 |
) |
| Share-based compensation, net |
|
|
505,035 |
|
|
|
9,179 |
|
| Other |
|
|
7,273 |
|
|
|
163 |
|
| Impairment of IPR&D |
|
|
– |
|
|
|
– |
|
| Enhanced research and development tax credits |
|
|
(112,228 |
) |
|
|
(51,292 |
) |
| Net provision (benefit) for income
taxes |
|
$ |
– |
|
|
$ |
– |
|
|
| Schedule of deferred tax assets and liabilities |
| |
|
Year
ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| UK net operating loss carryforwards |
|
$ |
9,198,798 |
|
|
$ |
7,735,113 |
|
| UK capital loss carryforwards |
|
|
1,874,254 |
|
|
|
– |
|
| US federal net operating loss carryforwards |
|
|
923,816 |
|
|
|
242,254 |
|
| Enhanced research and development tax credits |
|
|
786,342 |
|
|
|
713,029 |
|
| Germany net operating loss carryforwards |
|
|
393,638 |
|
|
|
360,763 |
|
| US state net operating loss carryforwards |
|
|
233,825 |
|
|
|
35,929 |
|
| Accrued expenses |
|
|
157,329 |
|
|
|
– |
|
| Share-based compensation |
|
|
52,320 |
|
|
|
409,391 |
|
| Depreciation |
|
|
37,703 |
|
|
|
– |
|
| Other |
|
|
115,384 |
|
|
|
24,781 |
|
| Total deferred tax assets before valuation
allowance |
|
|
13,773,409 |
|
|
|
9,521,260 |
|
| Less valuation allowance |
|
|
(13,773,409 |
) |
|
|
(9,521,260 |
) |
| Net deferred tax assets |
|
$ |
– |
|
|
$ |
– |
|
| Deferred tax liability: |
|
|
|
|
|
|
|
|
| Indefinite-lived intangible asset |
|
$ |
(3,080,096 |
) |
|
$ |
(3,257,910 |
) |
| Total net deferred tax liability |
|
$ |
(3,080,096 |
) |
|
$ |
(3,257,910 |
) |
|
| Uncertain tax benefits |
| |
|
Year
ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Uncertain tax benefits as of January 1 |
|
$ |
185,961 |
|
|
$ |
182,251 |
|
| Gross adjustments in tax positions |
|
|
(185,961 |
) |
|
|
– |
|
| Gross increases |
|
|
– |
|
|
|
– |
|
| Foreign currency translation |
|
|
– |
|
|
|
3,710 |
|
| Uncertain tax positions as of December 31 |
|
$ |
– |
|
|
$ |
185,961 |
|
|