Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Net Loss Before Income Tax Benefit

The components of net loss before income tax benefit are as follows:

	Year Ended December 31,
	2018		2017
U.S. operations	$	38,979,638	$	27,814,653
Non-U.S. operations		6,341,308		24,249,112
Net loss before income tax benefit	$	45,320,946	$	52,063,765

Components of Income Tax Benefits

The components of the income tax benefits are as follows:

	Year Ended December 31,
	2018			2017
U.S. federal
Current	$	271,356		$	2,432,088
Deferred		4,309,534			2,608,256
US state and local
Current		(1,464	)		587,711
Deferred		1,570,368			10,320
Income tax benefit	$	6,149,794		$	5,638,375

Reconciliation Between Effect of Applying Federal Statutory Rate and Effective Income Tax Rate Used to Calculate Income Tax Benefit

Reconciliation between the effect of applying the federal statutory rate and the effective income tax rate used to calculate the Company’s income tax benefit is as follows:

	Year Ended December 31,
	2018			2017
Federal statutory rate		21.00	%		34.00	%
State income taxes, net of federal benefit		4.53			1.20
Foreign income tax rate differential		(0.15	)		(0.05	)
Effect of the Tax Cuts and Jobs Act (“TCJA”) on tax rates		—			(2.16	)
Stock compensation		(0.16	)		(2.49	)
Research and development tax credit		(1.30	)		(2.33	)
Acquisition costs		—			(0.77	)
Goodwill impairment		(0.22	)		(22.69	)
Loss on warrant exchange and warrant FMV changes		(1.33	)		—
Permanent differences and other		2.14			(0.78	)
Change in valuation allowance		(10.94	)		6.90
Effective tax rate		13.57	%		10.83	%

Components of Deferred Tax Assets and Liabilities

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

	December 31,
	2018			2017
Deferred tax assets:
Domestic NOLs	$	4,025,587		$	6,320,893
Foreign NOLs		5,303,154			8,323,454
Accrued expenses		162,814			19,597
Amortization		1,035,765			1,187,512
Deferred revenue		38,494			49,373
Stock compensation		568,165			589,986
Deferred rent		336,070			110,731
Depreciation		—			6,955
Research and development carryforward		73,156			—
Total deferred tax assets		11,543,205			16,608,501
Deferred tax liabilities:
IPR&D assets		(2,557,085	)		(8,856,561	)
Depreciation		(205,859	)		—
IRC §481(a) adjustment		—			(20,118	)
Total deferred tax liabilities		(2,762,944	)		(8,876,679	)
Deferred tax assets, net		8,780,261			7,731,822
Valuation allowance		(8,838,761	)		(13,670,224	)
Total deferred tax liabilities net	$	(58,500	)	$	(5,938,402	)