Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018		2017
Deferred tax assets:
Net operating loss carryforwards	$	44,157,000	$	44,049,000
Research and development and other tax credits, net		2,523,000		3,109,000
Stock-based compensation		272,000		188,000
Other		196,000		165,000
		47,148,000		47,511,000
Valuation allowance		(47,148,000)		(47,511,000)
Total deferred tax assets		-		-

Deferred tax liabilities:
In-process research and development		(819,000)		(1,147,000)
Total deferred tax liabilities	$	(819,000)	$	(1,147,000)

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



	December 31,
	2018		2017

U.S. federal statutory income tax rate	21.0	%	34.0	%
Adjustments for tax effects of:
Fair value of derivative liabilities	0.2	%	3.6	%
Foreign rate differential	0.3	%	(4.4)	%
Stock-based compensation	(0.3)	%	(1.0)	%
State taxes, net of federal benefit	0.3	%	(1.7)	%
Australia refundable R&D tax offset	(4.6)	%	(2.4)	%
NOL and credit expiration	(20.3)	%	-	%
Effect of change in statutory tax rates	(0.3)	%	(184.2)	%
Change in reserve of uncertain tax positions	3.2	%	-	%
Change in valuation allowance	3.4	%	170.9	%
All other	(0.1)	%	(5.6)	%
Effective income tax rate	2.8	%	9.2	%