3. Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

3. Income Taxes

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

	2016			2015
U.S. Federal statutory rates on net loss before income taxes	E	(2,032	)	E	(1,004	)
Effect of foreign statutory rate differences		61			(52	)
Effect of exchange rate changes		(1,018	)		(4,234	)
Expiration/disallowance of net operating loss carry forwards		--			184
Permanent differences		76			(5	)
Change in valuation allowance		2,902			5,156
Income tax provision (benefit)	E	(11	)	E	45

Deferred tax asset is composed of the following:

	2016			2015
Licenses capitalized for United States tax purposes	E	799		E	904
IPR&D basis difference		--			(770	)
Stock options		255			181
Foreign tax credit carry over		243			243
Net operating loss carry forwards
United States		25,841			23,857
Switzerland		896			900
The Netherlands		183			--
Luxembourg		--			--
		28,217			25,315
Less valuation allowance for deferred tax asset		(28,217	)		(25,315	)
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, 2016, the Company had estimated net operating loss carry forwards which expire as follows:

		United States			Switzerland
2017			--			1,449
2018			747			537
2019			364			499
2020			537			19
2021-2035			74,357			--
Perpetual			--			--
	E		76,005	E		2,504