Cellectar Biosciences, Inc. Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

	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	$	—	$	—

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	$	—	$	—

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	—	%	—	%