Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)

The Company’s tax expense differs from the “expected” tax expense for the years ended December 31, 2019 and 2018 (computed by applying the Federal corporate tax rate of 21% to loss before taxes and 4.74% for blended state income tax rate, the blended rate used was 25.74%), as follows (in thousands):

	2019		2018
Computed “expected” tax-benefit – Federal	$	(3,230)	$	(2,818)
Computed “expected” tax-benefit – State		(729)		(636)
Non-deductible stock-based compensation		864		288
Fair Market Value Adjustment – Warrants		—		(1,051)
Change in valuation allowance		3,095		4,217
	$	—	$	—

Schedule of Deferred Tax Assets and Liabilities

The effects of temporary differences that gave rise to significant portions of deferred tax assets at December 31, 2019 and 2018 are as follows (in thousands ):

	2019		2018
Deferred tax assets:
Stock issued for services	$	1,223	$	1,998
Accrued compensation		20		38
Stock issued for acquisition of program		1,301		1,224
Stock issued for license agreement		1,574		1,760
Stock issued for milestone payment		255		278
Amortizable license fee		5		5
Net operating loss carry-forward		48,532		44,512
Total gross deferred tax assets		52,910		49,815
Less: valuation allowance		(52,910)		(49,815)
Total net deferred tax assets	$	—	$	—