|12 Months Ended|
Dec. 31, 2020
|Income Tax Disclosure [Abstract]|
NOTE 11 - INCOME TAXES
Income tax expense differs from the statutory amounts for each of the following years:
SCHEDULE OF INCOME TAX EXPENSE
Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. The temporary differences that give rise to deferred tax assets and liabilities were as follows:
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES
As of December 31, 2020, we had approximately $290.8 million of net operating loss carryforwards and approximately $4.4 million of general business credit carryforwards. These carryforwards expire as follows:
SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS
As of December 31, 2020, we had approximately $163.1 million of net operating loss carryforwards that do not expire and can be carried forward indefinitely.
We acquired MacroChem Corporation on February 25, 2009 and Somanta Pharmaceuticals, Inc. on January 4, 2008. Both of these corporations were loss-making entities at the time of acquisition. As a result, the net operating losses related to those acquisitions may be subject to annual limitations as well.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef