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Note 10 - Income Taxes
3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
10.          Income Taxes
 
Due to the operating losses for the three months ended March 31, 2016, and estimated for the year-ending December 31, 2016, the Company’s estimated annual effective tax rate is 0%.  Accordingly, no income tax provision is recorded for the three months ended March 31, 2016.
 
Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which differences are expected to reverse.  A deferred tax liability of approximately $3,536,933 is recorded for the basis differences associated with indefinite-lived in-process R&D assets.  Due to their indefinite-lived treatment, the related deferred tax liabilities are not expected to reverse in a period that would support the realization of the Company's deferred tax assets. The Company maintains a valuation allowance against its deferred tax assets.
 
The Company has incurred net operating losses for federal and state income tax purposes since inception. The Tax Reform Act of 1986 (the “Act”) provides for limitation on the use of net operating loss and research and development tax credit carryforwards following certain ownership changes (as defined in the Act) that could limit the Company's ability to utilize these carryforwards. The Company may have experienced various ownership changes as a result of past financings and acquisitions. Accordingly, the Company's ability to utilize the aforementioned carryforwards may be limited. Additionally, U.S. tax laws limit the time during which these carryforwards may be applied against future taxes; therefore, the Company has determined it is more likely than not that these net operating losses will not be realized.