Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details 1)

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INCOME TAXES (Details 1) - USD ($)
Dec. 31, 2015
Dec. 31, 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 contribution carryforwards 340 0
Intangible assets 253,971 313,412
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 $ 0 $ 0