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 Components of Income Tax Expense (Benefit) [Table Text Block]
 
 
2014
 
2013
 
 
 
 
 
 
 
Tax provision (benefit)
 
 
 
 
 
 
 
Current
 
 
 
 
 
 
 
Federal
 
$
 
$
 
State
 
 
 
 
 
Total current
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred
 
 
 
 
 
 
 
Federal
 
 
(3,868,524)
 
 
(4,705,250)
 
State
 
 
810,914
 
 
134,225
 
Total deferred
 
 
(3,057,610)
 
 
(4,571,025)
 
 
 
 
 
 
 
 
 
Change in valuation allowance
 
 
3,057,610
 
 
4,571,025
 
Total
 
$
 
$
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
 
Deferred tax assets consisted of the following at December 31:
 
 
 
2014
 
2013
 
 
 
 
 
 
 
Deferred tax assets
 
 
 
 
 
 
 
Federal net operating loss
 
$
29,246,965
 
$
25,731,718
 
Federal research and development tax credit carryforwards
 
 
2,689,775
 
 
2,480,417
 
State net operating loss
 
 
1,813,954
 
 
2,070,642
 
State research and development tax credit carryforwards
 
 
753,818
 
 
724,200
 
Capitalized research and development expenses
 
 
10,609,942
 
 
11,128,803
 
Stock-based compensation expense
 
 
1,758,909
 
 
1,599,005
 
Intangible assets
 
 
313,412
 
 
380,339
 
Charitable contribution carryforwards
 
 
 
 
34,850
 
Accrued liabilities
 
 
35,392
 
 
26,112
 
Total deferred tax assets
 
 
47,222,167
 
 
44,176,086
 
 
 
 
 
 
 
 
 
Deferred tax liabilities
 
 
 
 
 
 
 
Depreciable assets
 
 
(245,785)
 
 
(257,314)
 
Total deferred tax liabilities
 
 
(245,785)
 
 
(257,314)
 
 
 
 
 
 
 
 
 
Net deferred tax assets
 
 
46,976,382
 
 
43,918,772
 
Less– valuation allowance
 
 
(46,976,382)
 
 
(43,918,772)
 
Total deferred tax assets
 
$
 
$
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:
 
 
 
 
Year ended December 31,
 
 
 
 
2014
 
 
 
2013
 
 
 
 
(Restated)
 
 
 
 
 
Income tax benefit using U.S. federal statutory rate
 
 
34.00
%
 
 
34.00
%
State income taxes
 
 
(6.65)
%
 
 
(0.82)
%
Permanent items
 
 
9.62
%
 
 
5.10
%
Change in valuation allowance
 
 
(37.98)
%
 
 
(42.40)
%
Other
 
 
1.01
%
 
 
4.12
%
Total
 
 
%
 
 
%