AUSTRALIAN REFUNDABLE RESEARCH & DEVELOPMENT CREDIT

3 Months Ended

Mar. 31, 2019

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 43.5% 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 December 31, 2018, expected refundable research and development tax credit of AUD$4,000, is included in Other current assets in the Condensed Consolidated Balance Sheets.  The expected refundable research and development tax credits for the three-month periods ended March 31, 2019 and 2018 were AUD$0 and AUD$4,000, respectively.