Kiora Pharmaceuticals, Inc. General form of registration statement for all companies including face-amount certificate companies

General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The components of income (loss) before income taxes are as follows:

	Year Ended December 31,
	2014			2013
Domestic	$	(1,996,387	)	$	(3,879,447	)
Foreign		444,879			196,862
Total	$	(1,551,508	)	$	(3,682,585	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The difference between the effective rate reflected in the provision for income taxes on loss before taxes and the amounts determined by applying the applicable statutory U.S. tax rate are analyzed below:

	Year Ended December 31,
	2014			2013
United States federal income tax rate		34.00	%		34.00	%
State taxes, net of federal benefit		6.27	%		5.28	%
Permanent differences		50.55	%		(4.58	)%
Change in valuation allowance		(84.54	)%		(31.36	)%
Expiration of state net operating loss carryforward		(16.20	)%		(7.20	)%
Research and development credits		0	%		5.05	%
Change in State Rate		12.52	%		0	%
Other		(2.60	)%		(1.19	)%
Effective tax rate		0.00	%		0.00	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The Company’s deferred tax assets consist of the following:

	2014			2013
Net operating loss carryforwards	$	15,491,353		$	14,174,494
Research and development credit carryforwards		1,190,024			1,190,023
Capitalized research and development		4,823,160			5,590,524
Nonqualified stock option		100,712			98,236
Warrants issued for services		587			383
Depreciation and amortization		0			594
Start-up costs/organization costs		26,938			26,276
Cash versus accrual adjustments		1,979,847			1,220,390
Total deferred tax assets		23,612,621			22,300,920
Valuation allowance		(23,612,621	)		(22,300,920	)
Net deferred tax asset	$			$