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

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

	2015		2014

Tax provision (benefit)
Current
Federal	$	—	$	—
State		—		—
Total current		—		—

Deferred
Federal		(3,105,641)		(3,868,524)
State		42,562		810,914
Total deferred		(3,063,079)		(3,057,610)

Change in valuation allowance		3,063,079		3,057,610
Total	$	—	$	—

Deferred tax assets consisted of the following at December 31:

	2015		2014

Deferred tax assets
Federal net operating loss	$	32,565,906	$	29,246,965
Federal research and development tax credit carryforwards		2,858,628		2,689,775
State net operating loss		1,812,722		1,813,954
State research and development tax credit carryforwards		806,568		753,818
Capitalized research and development expenses		9,883,932		10,609,942
Stock-based compensation expense		1,993,664		1,758,909
Charitable contributions carryforwards		340		—
Intangible assets		253,971		313,412
Charitable contribution carryforwards		—		—
Accrued liabilities		35,332		35,392
Total deferred tax assets		50,211,063		47,222,167

Deferred tax liabilities
Depreciable assets		(171,602)		(245,785)
Total deferred tax liabilities		(171,602)		(245,785)

Net deferred tax assets		50,039,461		46,976,382
Less– valuation allowance		(50,039,461)		(46,976,382)
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,
	2015			2014


Income tax benefit using U.S. federal statutory rate		34.00	%		34.00	%
State income taxes		(0.50)	%		(6.65)	%
Permanent items		23.18	%		9.62	%
Change in valuation allowance		(55.76)	%		(37.98)	%
Other		(0.92)	%		1.01	%
Total		—	%		—	%