Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

The income tax provision (benefit) is composed of the following at December 31:

The following table presents a reconciliation of the statutory Federal rate and the Company’s effective tax rate for the years ended December 31:

	2015			2014
Tax provision (benefit) at Federal statutory rate		(34.00	)%		(34.00	)%
Accrued compensation		(0.70	)%		(0.54	)%
Accrued interest expense		(0.00	)%		(1.31	)%
Stock based compensation		15.32	%		23.34	%
Depreciation and amortization		0.22	%		(0.08	)%
Other		0.06	%		0.10	%
Change in valuation allowance		19.10	%		12.49	%

Effective tax rate		0.00	%		0.00	%

The following table presents significant components of the Company’s deferred tax assets and liabilities for the years ended December 31:

	2015			2014
Deferred tax assets:
Net operating loss carryforwards	$	11,532,857		$	11,265,332
Stock based compensation		733,206			4,459,732
Accrued compensation		1,485,827			1,525,089
Credit carryforwards		106,856			124,525
Amortization		-			1,755
Gross deferred tax assets		13,858,746			17,376,433
Less valuation allowance		(13,768,801	)		(17,321,688	)
Net deferred tax assets		89,945			54,745
Deferred tax liabilities:
Depreciation		(89,945	)		(54,745	)
Gain on sale of assets		-			-
Gross deferred tax liabilities		(89,945	)		(54,745	)
Net deferred tax assets	$	-		$	-