Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the statutory U.S. federal rate to the Company's effective tax rate is as follows:
 
 
Years ended
 
 
December 31,
 
 
 
2,015
 
 
2,014
 
Percent of pre-tax income:
 
 
 
 
 
 
 
 
U.S. federal statutory income tax rate
 
 
34.0
%
 
 
34.0
%
State taxes, net of federal benefit
 
 
0.0
%
 
 
0.1
%
Permanent items
 
 
(5.3)
%
 
 
(3.1)
%
Research and development credit
 
 
3.0
%
 
 
0.9
%
Change in valuation allowance
 
 
(31.7)
%
 
 
(31.9)
%
Effective income tax rate
 
 
0.0
%
 
 
0.0
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Significant components of the Company's deferred tax assets (liabilities) for 2015 and 2014 consist of the following:
 
 
 
As of December 31,
 
 
 
2015
 
 
2014
 
Deferred tax assets (liabilities)
 
 
 
 
 
 
 
 
Share-based compensation
 
$
518,542
 
 
$
489,017
 
Depreciation and amortization
 
 
37,186
 
 
 
73,894
 
Warrants
 
 
43,997
 
 
 
43,997
 
Accrued liability
 
 
118,386
 
 
 
-
 
Net operating loss carryforwards
 
 
7,093,015
 
 
 
4,379,541
 
Federal research and development credit carryforwards
 
 
525,001
 
 
 
241,318
 
In process research and development
 
 
(1,205,141)
 
 
 
-
 
Deferred income tax assets
 
 
7,130,986
 
 
 
5,227,767
 
Valuation allowance
 
 
(8,336,127)
 
 
 
(5,227,767)
 
Net deferred tax liabilities
 
$
(1,205,141)
 
 
$
0