AUSTRALIAN REFUNDABLE RESEARCH & DEVELOPMENT CREDIT

6 Months Ended

Jun. 30, 2019

AUSTRALIAN REFUNDABLE RESEARCH & DEVELOPMENT CREDIT

AUSTRALIAN REFUNDABLE RESEARCH & DEVELOPMENT CREDIT

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. The expected refundable research and development tax credits for the six-month periods ended June 30, 2019 and 2018 were AUD$0 and AUD$4,000, respectively.