Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

Note 4. Income Taxes

The reconciliation of income tax on income computed at the federal statutory rates to income tax expense is as follows:

	2011			2010
U.S. Federal statutory rates on loss from operations	E	(3,583	)	E	(3,884	)
Effect of foreign statutory rate differences		84			80
Effect of exchange rate changes		(371	)		(1,182	)
Expiration/disallowance of net operating loss carryforwards		1,785
Permanent differences		866			873
Increase in valuation allowance		1,235			4,087
Other		(15	)		30
Income tax provision	E	1		E	4

Deferred tax asset is composed of the following:

	2011			2010
Licenses capitalized for United States tax purposes	E	1,212		E	1,252
License contract basis difference		--			(801	)
IPR&D basis difference		(802	)		(770	)
Stock options		110			81
Other		--			59
Net operating loss carry forwards
United States		15,770			15,401
Switzerland		781			669
The Netherlands		447			335
Luxembourg		178			176
		17,696			16,462
Less valuation allowance for deferred tax asset		(17,696	)		(16,462	)
Net deferred tax asset	E	--		E	--

The Company's provision for income taxes was derived from U.S., Swiss, Netherlands and Luxembourg operations. At December 31, 2011, the Company had estimated net operating loss carry forwards which expire as follows (the Luxembourg losses do not expire):

	United States		Luxembourg		Switzerland		The Netherlands
2012	E	1,093	E	--	E	--	E	--
2013		--		--		--		--
2014		--		--		--		--
2015		--		--		--		--
2016						1,345		--
2017-2031		44,250		--		1,707		1,789
Perpetual		--		810		--		--
	E	45,343	E	810	E	3,052	E	1,789