General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.5.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit)

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

 

    2015     2014  
    Federal     State     Total     Federal     State     Total  
Current   $ -     $ -     $ -     $ -     $ -     $ -  
                                                 
Deferred     -       -       -       -       -       -  
                    $ -                     $ -  

Schedule of Effective Income Taxes Rate

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 %

Schedule of Deferred Income Tax Assets and Liabilities

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   $ -     $ -