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 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,
 
 
 
2014
 
 
2013
 
Percent of pre-tax income:
 
 
 
 
 
 
 
 
U.S. federal statutory income tax rate
 
 
34.0
%
 
 
34.0
%
State taxes, net of federal benefit
 
 
0.1
%
 
 
-
%
Permanent items
 
 
(3.1)
%
 
 
(1.4)
%
Research and development credit
 
 
0.9
%
 
 
0.4
%
Change in valuation allowance
 
 
(31.9)
%
 
 
(33.0)
%
 
 
 
 
 
 
 
 
 
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 2014 and 2013 consist of the following:
 
 
 
As of December 31,
 
 
 
2014
 
 
2013
 
Deferred tax assets (liabilities)
 
 
 
 
 
 
 
 
Share-based compensation
 
$
489,017
 
 
$
28,158
 
Intangible assets
 
 
88,764
 
 
 
9,103
 
Warrants
 
 
43,997
 
 
 
42,934
 
Accrued liability
 
 
-
 
 
 
60,048
 
Net operating loss carryforwards
 
 
4,379,541
 
 
 
1,318,000
 
Federal research and development credit carryforwards
 
 
241,318
 
 
 
24,425
 
Depreciation
 
 
(14,870)
 
 
 
-
 
Deferred income tax assets
 
 
5,227,767
 
 
 
1,482,668
 
Valuation allowance
 
 
(5,227,767)
 
 
 
(1,482,668)
 
Net deferred tax assets
 
$
0
 
 
$
0