INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of income taxes by jurisdiction

The provision for (benefit from) income taxes by jurisdiction consist of the following for the years ended December 31, 2015 and 2016:



	Year Ended December 31, 2015		Year Ended December 31, 2016
U.S. federal
Current	$	—	$	—
Deferred	—		—
Total U.S. federal	—		—
U.S. state and local
Current	1,000		1,000
Deferred	—		—
Total U.S. state and local	1,000		1,000
Foreign
Current	—		—
Deferred	—		(23,000		)
Total foreign	—		(23,000		)
Provision for (benefit from) income taxes	$	1,000	$	(22,000	)

Schedule of income taxes differ from the amounts computed by applying the U.S. federal income tax rate to pretax income (loss) before income taxes

ncome taxes differ from the amounts computed by applying the U.S. federal income tax rate to pretax income (loss) before income taxes as a result of the following for the years ended December 31, 2015 and 2016:



	Year ended December 31, 2015			Year ended December 31, 2016
Expected income tax benefit	$	(3,291,000	)	$	(5,191,000	)
State income tax (benefit), net of federal benefit	(693,000		)	(1,022,000		)
Valuation allowance	4,120,000			6,219,000
Permanent differences:
Stock options	131,000			173,000
Transaction costs	—			31,000
Research & development credit	(174,000		)	(267,000		)
Adjustment to deferred taxes	(102,000		)	(12,000		)
Foreign rate differential	—			28,000
Other	10,000			19,000
Provision for (benefit from) for income taxes	$	1,000		$	(22,000	)

Schedule of components of deferred income tax

Deferred income taxes consisted of the following as of December 31, 2015 and December 31, 2016:



	Year ended December 31, 2015			Year ended December 31, 2016
U.S. federal and state deferred tax assets—long term:
Accrued payroll	$	95,000		$	525,000
Fixed assets	—			80,000
Intangibles	763,000			702,000
Research & development credit	804,000			1,257,000
Net operating loss	6,592,000			11,515,000
Stock compensation	379,000			772,000
New jobs credit	7,000			7,000
Total long-term assets	8,640,000			14,858,000
Total deferred tax assets	8,640,000			14,858,000
U.S. federal and state deferred tax liabilities—long term:
Fixed assets	(1,000		)	—
Total deferred tax liabilities	(1,000		)	—
Net deferred tax assets - long term	8,639,000			14,858,000
Less: Valuation allowance	(8,639,000		)	(14,858,000		)
Net deferred tax assets	$	—		$	—

Foreign deferred tax assets—long term:
Net operating loss	$	—		$	16,000
Total foreign deferred tax assets	—			16,000
Foreign deferred tax liabilities—long term:
Intangibles	—			(32,000		)
Total foreign deferred tax liabilities	—			(32,000		)
Net foreign deferred tax liabilities	$	—		$	(16,000	)