Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of net loss before tax provision

Net loss before tax provision consists of the following (in thousands):

 

    Year ended December 31,  
    2016     2015  
US   $ (13,556 )   $ (12,329 )
Foreign     -       -  
Total   $ (13,556 )   $ (12,329 )
Schedule of components of the provision for income tax expense

The components of the provision for income tax expense consist of the following for the periods indicated (in thousands):

 

    Year ended December 31,  
    2016     2015  
Current                
Federal   $ -     $ -  
State     1       3  
                 
Deferred                
Federal     -       -  
State     -       -  
                 
Total provision for income taxes   $ 1     $ 3  
Schedule of reconciliation of the statutory federal income tax rates

Reconciliation of the statutory federal income tax rates consist of the following for the periods indicated:

 

    Year ended December 31,  
    2016     2015  
             
Tax at federal statutory rate     34.00 %     34.00 %
State tax, net of federal benefit     -0.01 %     5.83 %
Change in derivative liability     0 %     -18.66 %
Change in rate     -1.30 %     0 %
Valuation allowance     -30.70 %     -20.53 %
Other     -2.00 %     -0.65 %
Provision for taxes     -0.01 %     -0.01 %
Schedule of components of deferred tax assets

The components of deferred tax assets (liabilities) included on the consolidated balance sheet are as follows (in thousands): 

 

    Year ended December 31,  
    2016     2015  
Deferred tax assets                
Capitalized start-up costs   $ 4,640     $ 1,840  
Credits     127       58  
Net operationg losses     1,730       771  
Warrants     299       284  
Others     666       111  
Total gross deferred tax assets     7,462       3,064  
Valuation allowance     (6,175 )     (2,682 )
Total gross deferred tax assets (net of valuation allowance)   $ 1,287     $ 382  
                 
Deferred tax liabilities                
Patents     (350 )     (382 )
Fixed assets     (325 )     -  
Beneficial conversion feature - debt discount     (612 )     -  
Total gross deferred tax liabilities     (1,287 )     (382 )
Net deferred tax assets   $ -     $ -