AUSTRALIAN REFUNDABLE RESEARCH & DEVELOPMENT CREDIT

12 Months Ended

Dec. 31, 2016

Research and Development Expense [Abstract]

Refundable Research And Development Credit [Text Block]

7. Australian Refundable Research & Development Credit

In March 2014, LipimetiX Development LLC, (Now LipimetiX Development, Inc. - see Note 9 in the financial statements included in this Annual Report on Form 10-K) formed a wholly-owned Australian subsidiary, Lipimetix Australia Pty Ltd, to conduct Phase 1a and Phase1b/2a clinical trials in Australia. Currently Australian tax regulations provide for a refundable research and development tax credit equal to either 43.5% or 45% (depending on the tax period) of qualified expenditures. Subsequent to the end of its Australian tax years, Lipimetix Australia Pty Ltd intends to submit claims for a refundable research and development tax credit. For the tax year ended December 31,2015 Lipimetix Australia Pty Ltd received a refundable research and development tax credit of AUD$189,000, and at December 31, 2016 a AUD$78,000 refundable research and development tax credit has been recorded by Lipimetix Australia Pty Ltd. The refundable research and development tax credit for 2016 was received by the company in May 2017.