Income Taxes

9 Months Ended

Sep. 30, 2015

Income Taxes [Text Block]

13. Income Taxes

As of September 30, 2015, the Company had approximately $23.6 million of the U.S domestic cumulative tax loss carryforwards (which excludes the NOL carryforwards of approximately $1.7 million because of the uncertainty of the position being sustained) and approximately $14.7 million of the foreign cumulative tax loss carryforwards, which may be available to reduce future income tax liabilities in certain jurisdictions. These U.S. and foreign tax loss carryforwards will expire beginning year 2028 through 2035 and year 2015 to year 2020, respectively. We have established a 100% valuation allowance against our net deferred tax assets due to our history of pre-tax losses and the likelihood that the deferred tax assets will not be realizable. The valuation allowance increased approximately $0.5 million and $2.3 million during the three and nine months ended September 30, 2015, respectively.

We are not aware of any unrecorded tax liabilities which would impact our financial position or our results of operations.