Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Loss before income taxes consisted of the following components:

The benefit from income taxes consisted of the following components:

Significant components of the Company’s deferred tax assets and liabilities were as follows:



	December 31,
	2017		2016
Deferred tax assets:
Net operating loss carryforwards	$	44,049,000	$	67,479,000
Research and development and other tax credits, net		3,109,000		3,109,000
Stock-based compensation		188,000		795,000
Other		165,000		301,000
		47,511,000		71,684,000
Valuation allowance		(47,511,000)		(71,684,000)
Total deferred tax assets		-		-
Deferred tax liabilities:
In-process research and development		(1,147,000)		(2,449,000)
Total deferred tax liabilities	$	(1,147,000)	$	(2,449,000)

The differences between the Company’s effective tax rate and the U.S. federal statutory tax rate were as follows:



	December 31,
	2017		2016

U.S. federal statutory income tax rate	34.0	%	34.0	%
Adjustments for tax effects of:
Fair value of derivative liabilities	3.6	%	8.0	%
Foreign rate differential	(4.4)	%	(1.5)	%
Stock-based compensation	(1.0)	%	(0.6)	%
State taxes, net of federal benefit	(1.7)	%	(3.8)	%
Australia refundable R&D tax offset	(2.4)	%	(5.2)	%
Goodwill impairment	-		(13.2)	%
Effect of change in federal tax rate	(184.2)	%	-
Change in reserve of uncertain tax positions	-		(10.7)	%
Change in valuation allowance	170.9	%	(3.5)	%
All other	(5.6)	%	(0.6)	%
Effective income tax rate	9.2	%	2.9	%