AUSTRALIAN REFUNDABLE RESEARCH & DEVELOPMENT CREDIT

9 Months Ended

Sep. 30, 2017

Research and Development Expense [Abstract]

Refundable Research And Development Credit [Text Block]

Note D. Australian Refundable Research & Development Credit

In March 2014, LipimetiX Development LLC, (Now LipimetiX Development, Inc. - see Note B) 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. The transitional Australian tax periods/years granted for Lipimetix Australia Pty Ltd end on June 30, 2014, December 31, 2014 and thereafter December 31 of each succeeding year. For the year ended December 31, 2016 a AUD$84,000 refundable research and development tax credit was received by Lipimetix Australia Pty Ltd. For the nine months ended September 30, 2017, an additional AUD$18,000 refundable research and development tax credit has been recorded by LipimetiX Australia Pty Ltd.