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INCOME TAXES | 12 Months Ended
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Dec. 31, 2016
INCOME TAXES [Abstract] |
INCOME TAXES | NOTE 10 - INCOME TAXES Income tax expense differs from the statutory amounts as follows:
|  | 2016 |  |  | 2015 |
Income taxes at U.S. statutory rate |  | $ | (7,437,000 | ) |  | $ | (4,939,000 | )
Current year reserve |  |  | 7,423,000 |  |  |  | 6,257,000 |
Other |  |  | 14,000 |  |  |  | (1,318,000 | )
Total tax expense |  | $ | - |  |  | $ | - |
Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. The temporary differences that give rise to deferred tax assets and liabilities were as follows:
|  | December 31, |
|  | 2016 |  |  | 2015 |
Deferred tax assets (liabilities) |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 73,864,000 |  |  | $ | 68,636,000 |
General business credit carryforwards |  |  | 2,557,000 |  |  |  | 2,497,000 |
State credits |  |  | 3,089,000 |  |  |  | 2,055,000 |
Property, equipment and goodwill |  |  | (23,000 | ) |  |  | (25,000 | )
Stock options |  |  | 6,450,000 |  |  |  | 3,678,000 |
Derivatives |  |  | (92,000 | ) |  |  | (92,000 | )
Deferred revenue |  |  | 1,464,000 |  |  |  | 1,669,000 |
Intangible assets |  |  | 228,000 |  |  |  | 595,000 |
Accrued interest |  |  | 253,000 |  |  |  | 253,000 |
Other |  |  | 231,000 |  |  |  | 231,000 |
Gross deferred tax assets |  |  | 88,021,000 |  |  |  | 79,497,000 |
Valuation allowance |  |  | (88,021,000 | ) |  |  | (79,497,000 | )
Net deferred taxes |  | $ | - |  |  | $ | - |
At December 31, 2016, we had approximately $217,246,000 of net operating loss carryforwards and approximately $2,557,000 of general business credit carryforwards. These carryforwards expire as follows:
|  | Net operating loss carryforwards |  |  | General business credit carryforwards |
2017 |  | $ | - |  |  | $ | - |
2018 |  |  | 3,324,000 |  |  |  | 112,000 |
2019 |  |  | 3,306,000 |  |  |  | 95,000 |
Thereafter |  |  | 210,616,000 |  |  |  | 2,350,000 |
|  | $ | 217,246,000 |  |  | $ | 2,557,000 |
As a result of a merger on January 25, 1996, a change in control occurred for federal income tax purposes, which limits the utilization of pre-merger net operating loss carryforwards of approximately $3,100,000 to approximately $530,000 per year. Additionally, we acquired MacroChem Corporation on February 25, 2009 and Somanta Pharmaceuticals, Inc. on January 4, 2008. Both corporations were loss companies at the time of the acquisition. Therefore, the net operating losses related to those acquisitions may be subject to annual limitations as provided by Internal Revenue Code Sec. 382.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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