Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes

(Loss) before income taxes consists of the following:

 

     Years Ended December 31,  
     2015      2014  

Domestic

   $ (7,563,300    $ (1,235,446

Foreign

     (6,291,475      (8,614,536
  

 

 

    

 

 

 

Loss before income taxes

   $ (13,854,775    $ (9,849,982

Schedule of Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes are as follows:

 

     Years Ended December 31,  
          2015                2014       

Current:

     

Federal

   $ —         $ —     

State

     —           —     

Foreign

     203,866         (18
  

 

 

    

 

 

 

Total current

     203,866         (18

Deferred:

     

Federal

     —           —     

State

     —           —     

Foreign

     —           —     
  

 

 

    

 

 

 

Total deferred

     —           —     
  

 

 

    

 

 

 

Provision (benefit) for income taxes

   $ 203,866       $ (18
  

 

 

    

 

 

 

Summary of Reconciliation of U.S. Statutory Rate to Company's Effective Tax Rate

The reconciliation of the federal statutory rate to Pieris’s effective tax rate is as follows:

 

     2015     2014  

Federal income tax rate

     34.0     34.0

Foreign rate differential

     (2.1 )%      (4.3 )% 

State tax, net of federal benefit

     3.1        —     

Permanent Items: Non-deductible expenses

     (1.7     (4.5

Deferred adjustments

     2.9        —     

Loss of German NOL’s

     (66.0     (74.2

Withholding tax

     (1.5     —     

Other

     —          0.1   
  

 

 

   

 

 

 

Change in valuation allowance

     29.8        48.9   
  

 

 

   

 

 

 

Effective income tax rate

     (1.5 )%      0.0

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities related to net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income taxes purposes were as follows:

 

     Years Ended December 31,  
     2015      2014  

Deferred tax assets:

     

Share based awards compensation

   $ 692,906       $ —     

Accrued expenses

     4,201         —     

Book accumulated depreciation net of tax

     12,276         —     

Net operating loss carryforwards

     4,147,012         9,951,666   

Bank loan

     —           12,653   

Accrued compensation

     129,624         —     

Other

     10,149         1,129   
  

 

 

    

 

 

 

Total deferred tax assets

     4,996,168         9,965,448   

Less: valuation allowance:

     (4,996,168      (9,916,553
  

 

 

    

 

 

 

Net deferred tax asset

   $ —         $ 48,895   

Deferred tax liabilities:

     

Accrued expenses

   $ —         $ (8,811

Prepaid expenses

     —           (9,438

Depreciation

     —           (30,646
  

 

 

    

 

 

 

Total deferred tax liabilities

     —           (48,895
  

 

 

    

 

 

 

Net deferred taxes

   $ —         $ —