Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details 1)

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INCOME TAXES (Details 1) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Deferred tax assets    
Federal net operating loss $ 22,343,084 $ 19,447,371
Federal research and development tax credit carryforwards 1,969,426 1,956,146
State net operating loss 2,252,566 2,444,816
State research and development tax credit carryforwards 633,571 597,608
Capitalized research and development expenses 11,068,868 13,007,013
Capital loss carryforward (expires beginning in 2012) 0 340,000
Stock-based compensation expense 842,174 333,206
Intangible assets 440,556 555,198
Charitable contribution carryforwards 43,350 44,370
Accrued liabilities 25,199 35,314
Total deferred tax assets 39,618,794 38,761,042
Deferred tax liabilities    
Depreciable assets (271,049) (346,870)
Total deferred tax liabilities (271,049) (346,870)
Net deferred tax assets 39,347,745 38,414,172
Less valuation allowance (39,347,745) (38,414,172)
Total deferred tax assets $ 0 $ 0