Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit)

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

 

      2014       2013  
      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:

 

    2014     2013  
Tax provision (benefit) at Federal statutory rate     (34.00 )%     (34.00 )%
Accrued compensation     (0.54 )%     1.19 %
Accrued interest expense     (1.31 )%     0.34 %
Stock based compensation     23.34 %     0.08 %
Depreciation and amortization     (0.08 )%     (0.21 )%
Other     0.10 %     0.05 %
Change in valuation allowance     12.49 %     32.55 %
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:

 

    2014     2013  
Deferred tax assets:                
Net operating loss carryforwards   $ 11,265,332     $ 8,879,799  
Stock based compensation     4,459,732       611,380  
Accrued compensation     1,525,089       1,720,775  
Credit carryforwards     124,525       124,525  
Amortization     1,755       53,595  
Discount amortization     -       630,104  
Accrued interest     -       251,167  
Gross deferred tax assets     17,376,433       12,271,345  
Less valuation allowance     (17,321,688 )     (12,188,172 )
Net deferred tax assets     54,745       83,173  
Deferred tax liabilities:                
Depreciation     (54,745 )     (68,371 )
Gain on sale of assets     -       (14,802 )
Gross deferred tax liabilities     (54,745 )     (83,173 )
Net deferred tax assets   $ -     $ -