Processa Pharmaceuticals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Organization and Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Details Narrative)

v3.20.2

Income Taxes (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
Income Taxes (Details Narrative) - USD ($)	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2020	Mar. 19, 2018
Deferred tax liability				$ 3,037,147
Intangible assets, financial reporting basis				11,038,929
Intangible assets, tax basis				$ 1,782
Research and development description			Our total acquired research and development for 2020 is expected to be $7.9 million. The assets acquired were determined to represent in-process research and development with no alternative future, so we immediately expensed the full $7.9 million for book purposes and capitalized the amount for tax purposes, creating a deferred tax asset. We also established a full valuation allowance against these deferred tax assets.
Yuhan Corporation [Member] \| PCS12852 [Member]
Initial purchase price	$ 2,000,000
Elion Oncology, Inc. [Member] \| PCS6422 [Member] \| Forecast [Member]
Initial purchase price		$ 3,400,000
Aposense, Ltd. [Member] \| PCS11T [Member] \| Forecast [Member]
Initial purchase price		$ 2,500,000

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