Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
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,  
     2014      2013  

NOL Carryforward

   $ 1,408,745       $ 511,595   

Tax credits

     167,127         73,206   

Stock Based Compensation

     60,373         2,412   

Other temporary differences

     128,093         122,573   
  

 

 

    

 

 

 

Subtotal

  1,764,338      709,786   

Valuation Allowance

  (1,764,338   (709,786
  

 

 

    

 

 

 

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,  
     2014     2013  

Tax provision at statutory rate

     34.00     34.00

State taxes, net of federal benefit

     5.03     5.09

Permanent differences

     -0.47     -1.19

Tax Credits

     3.37     4.20

Other

     0.21     7.47

Decrease in valuation reserve

     -42.14     -49.57
  

 

 

   

 

 

 

Total

  0.00   0.00