Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Components of Net Deferred Tax Asset

Significant components of the Company’s net deferred tax asset are as follows:

 

    December 31,  
    2016     2015  
NOL carryforward   $ 10,860,828     $ 4,505,965  
Tax credits     673,690       406,888  
Stock based compensation     1,177,650       453,906  
Accrued expenses     302,943        
Other temporary differences     225,214       12,581  
Subtotal     13,240,325       5,379,340  
Valuation allowance     (13,240,325 )     (5,379,340 )
Net deferred tax asset   $     $  

Schedule of Effective Income Tax Rate Reconciliation

Income tax benefits computed using the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following:

 

    December 31,  
    2016     2015  
Tax provision at statutory rate     34.00 %     34.00 %
State taxes, net of federal benefit     4.76 %     4.76 %
Permanent differences     -0.65 %     -0.62 %
Tax credits     1.33 %     2.67 %
Other     -0.13 %     0.04 %
Decrease in valuation reserve     -39.31 %     -40.85 %
Total     0.00 %     0.00 %