AUSTRALIAN REFUNDABLE RESEARCH & DEVELOPMENT CREDIT

9 Months Ended

Sep. 30, 2018

Research and Development Expense [Abstract]

Refundable Research And Development Credit [Text Block]

Note C. Australian Refundable Research & Development Credit

In March 2014, LipimetiX Development LLC, (Now LipimetiX Development, Inc. - see Note B above) 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 submits claims for a refundable research and development tax credit. At September 30, 2018 and December 31, 2017, expected refundable research and development tax credits of AUD$4,000 and AUD$42,000, respectively, are included in Other current assets in the Condensed Consolidated Balance Sheets. The expected refundable research and development tax credits for the nine-month periods ended September 30, 2018 and 2017 were AUD$4,000 and AUD$18,000, respectively and are included in the Condensed Consolidated Statements of Operations in Income tax benefit.