Kiora Pharmaceuticals, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015		2014
Domestic	$	(8,755,011)	$	(1,996,387)
Foreign		367,038		444,879
Total	$	(8,387,973)	$	(1,551,508)

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,
	2015			2014
United States federal income tax rate		34.00	%		34.00	%
State taxes, net of federal benefit		6.27	%		6.27	%
Permanent differences		(10.88)	%		50.55	%
Change in valuation allowance		(29.55)	%		(84.54)	%
Expiration of state net operating loss carryforward		(0.03)	%		(16.20)	%
Research and development credits		0.43	%		0	%
Change in State Rate		0	%		12.52	%
Other		(0.24)	%		(2.60)	%
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:

	2015		2014
Net operating loss carryforwards	$	18,050,019	$	15,491,353
Research and development credit carryforwards		1,226,384		1,190,024
Capitalized research and development		4,452,114		4,823,160
Nonqualified stock option		164,292		100,712
Warrants issued for services		587		587
Depreciation and amortization		137		0
Start-up costs/organization costs		17,959		26,938
Cash versus accrual adjustments		2,179,356		1,979,847
Total deferred tax assets		26,090,848		23,612,621
Valuation allowance		(26,090,848)		(23,612,621)
Net deferred tax asset	$	-	$	-