AUSTRALIAN REFUNDABLE RESEARCH & DEVELOPMENT CREDIT

12 Months Ended

Dec. 31, 2018

Research and Development Expense [Abstract]

Refundable Research And Development Credit [Text Block]

6. Australian Refundable Research & Development Credit

In March 2014, LipimetiX Development LLC, (Now LipimetiX Development, Inc. - see Note 8 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 31,2017 Lipimetix Australia Pty Ltd received a refundable research and development tax credit of AUD$42,000, and at December 31, 2018 a AUD$4,000 refundable research and development tax credit has been recorded by Lipimetix Australia Pty Ltd.