3. Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

3. Income Taxes

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

	2014			2013
U.S. Federal statutory rates on loss from operations	E	(1,113	)	E	2,057
Effect of foreign statutory rate differences		(65	)		(228	)
Effect of exchange rate changes		(2,094	)		805
Expiration/disallowance of net operating loss carry forwards		147			566
Permanent differences		(66	)		(2,141	)
Change in valuation allowance		3,173			(1,026	)
Other		--			15
Income tax provision	E	(18	)	E	48

Deferred tax asset is composed of the following:

	2014			2013
Licenses capitalized for United States tax purposes	E	853		E	928
IPR&D basis difference		(734	)		(770	)
Stock options		178			145
Foreign tax credit carry over		200			193
Net operating loss carry forwards
United States		18,593			16,710
Switzerland		885			884
The Netherlands		--			--
Luxembourg		184			182
		20,159			18,272
Less valuation allowance for deferred tax asset		(20,159	)		(18,272	)
Net deferred tax asset	E	--		E	--

The Company's provision for income taxes was derived from U.S., Swiss, and Netherlands operations. At December 31, 2014, the Company had estimated net operating loss carry forwards which expire as follows:

	United States		Switzerland
2015		--		--
2016		--		1,380
2017		--		1,279
2018		592		473
2019		288		436
2020-2034		53,804		17
Perpetual		--		--
	E	54,684	E	3,585