Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax asset are as follows:

	December 31,
	2019		2018
	(in thousands)
Deferred tax assets – non-current
Accrued bonuses	$	64	$	12
Accrued vacation		16		15
Net operating loss (NOL) carryover		10,789		9,191
Technology license amortization		-		-
Research & development tax credits		2,070		1,780
Share based expense		401		310
Other		4		5
Fixed asset depreciation		61		50
Total deferred tax asset		13,405		11,363
Less: valuation allowance		(13,405)		(11,363)
Net deferred tax asset		—		—
Deferred tax liability- non-current		—		—
Net deferred tax asset	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between income taxes at the statutory tax rate (21%) and the actual income tax provision for continuing operations follows:

	December 31,
	2019		2018
	(in thousands)
Loss before income taxes	$	(8,599)	$	(8,583)
Tax (benefit) at statutory tax rate		(1,806)		(1,802)
Effects of:
Exclusion of incentive stock option expense		53		47
R&D tax credits		(290)		(238)
Increase (decrease) in valuation allowance		2,041		1,845
FMV of warrants		—		—
Prior year adjustments		—		—
Carryforward adjustment		2		2
ASC 718 additional paid in capital adjustment		—		146
Rate change on net deferred tax asset		—		—
Provision for income taxes	$	—	$	—