Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Income Taxes

Note 3. Income Taxes

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

	2012			2011
U.S. Federal statutory rates on loss from operations	E	(2,077	)	E	(3,583	)
Effect of foreign statutory rate differences		99			84
Effect of exchange rate changes		(212	)		(371	)
Expiration/disallowance of net operating loss carry forwards		638			1,785
Permanent differences		(265	)		866
Increase in valuation allowance		1,815			1,235
Other		5			(15	)
Income tax provision	E	3		E	1

Deferred tax asset is composed of the following:

	2012			2011
Licenses capitalized for United States tax purposes	E	1,080		E	1,212
IPR&D basis difference		(615	)		(802	)
Stock options		125			110
Other		--			--
Net operating loss carry forwards
United States		17,020			15,770
Switzerland		897			781
The Netherlands		611			447
Luxembourg		180			178
		19,298			17,696
Less valuation allowance for deferred tax asset		(19,298	)		(17,696	)
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, 2012, 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
2013		--		--		--		--
2014		--		--		--		--
2015		--		--		--		--
2016		--		--		1,345		--
2017						1,246		741
2018-2032		50,061		--		866		1,704
Perpetual		--		819		--		--
	E	50,061	E	819	E	3,457	E	2,445