Income Taxes

12 Months Ended

Dec. 31, 2013

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:

	2013			2012
U.S. Federal statutory rates on loss from operations	E	2,057		E	(2,077	)
Effect of foreign statutory rate differences		(228	)		99
Effect of exchange rate changes		805			(212	)
Expiration/disallowance of net operating loss carry forwards		566			638
Permanent differences		(2,141	)		(265	)
Change in valuation allowance		(1,026	)		1,815
Other		15			5
Income tax provision	E	48		E	3

Deferred tax asset is composed of the following:

	2013			2012
Licenses capitalized for United States tax purposes	E	928		E	1,080
IPR&D basis difference		(770	)		(615	)
Stock options		145			125
Foreign tax credit carry over		193			--
Net operating loss carry forwards
United States		16,710			17,020
Switzerland		884			897
The Netherlands		--			611
Luxembourg		182			180
		18,272			19,298
Less valuation allowance for deferred tax asset		(18,272	)		(19,298	)
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, 2013, 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
2014		--		--		--		--
2015		--		--		--		--
2016		--		--		1,367		--
2017		--		--		1,267		--
2018		570				469		--
2019-2033		48,575		--		448		--
Perpetual		--		827		--		--
	E	49,145	E	827	E	3,551	E	--