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 Taxes Tables  
Schedule of Reconiliation of Statutory Income Tax Rate

A reconciliation of the statutory income tax rates and the Company’s effective tax rate is as follows:

 

    December 31,  
    2015     2014  
Statutory U.S. federal rate     34.0 %     34.0 %
State income tax, net of federal benefit     5.8 %     3.9 %
Meals & entertainment     (0.1 )%     (0.3 )%
Others     0.0 %     (0.5 )%
Forward sale of preferred stock     0.0 %     (2.3 )%
Non-cash interest on conversion     0.0 %     (2.8 )%
Valuation allowance     (39.7 )%     (32.0 )%
Provision for income taxes     0.0 %     0.0 %

Schedule of Deferred Tax Assets

The tax effects of the temporary differences and carry forwards that give rise to deferred tax assets consist of the following:

 

    As of December 31,  
    2015     2014  
Deferred tax assets:                
Net operating loss carry forwards   $ 6,192,058     $ 3,675,012  
Patent costs     410,913       318,652  
Capitalized interest     85,568       85,568  
Accrued vacation     27,852       10,237  
Research and development credit     345,721       200,482  
Stock-based compensation     1,480,266       383,381  
Other     5,195       4,460  
Gross deferred tax assets     8,547,573       4,677,792  
Valuation allowance     (8,547,573 )     (4,677,792 )
Net deferred tax assets   $ —     $ —