Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
As of December 31, 2015 and 2014, the Company’s deferred tax assets (liabilities) consisted of the effects of temporary differences attributable to the following:
 
 
 
December 31,
 
Deferred tax assets (liabilities):
 
2015
 
2014
 
Tax credit
 
$
2,958,771
 
$
877,597
 
Net operating loss carryovers
 
 
7,511,765
 
 
2,314,198
 
Property and equipment
 
 
(98,235)
 
 
(20,282)
 
Research and development costs
 
 
10,380,961
 
 
5,820,399
 
Start-up and organizational costs
 
 
1,333
 
 
1,443
 
Stock-based compensation
 
 
1,175,821
 
 
448,893
 
Other accruals
 
 
155,472
 
 
188,439
 
Total gross deferred tax assets
 
 
22,085,888
 
 
9,630,687
 
Less: valuation allowance
 
 
(22,085,888)
 
 
(9,630,687)
 
Deferred tax assets, net
 
$
-
 
$
-
 
Summary of Valuation Allowance [Table Text Block]
The change in the Company’s valuation allowance is as follows:
 
 
 
2015
 
2014
 
January 1,
 
$
9,630,687
 
$
1,839,611
 
Increase in valuation allowance
 
 
12,455,201
 
 
7,791,076
 
December 31,
 
$
22,085,888
 
$
9,630,687
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
 
 
For the Year Ended December 31,
 
 
 
2015
 
2014
 
Tax benefit at federal statutory rate
 
 
(34.0)
%
 
(34.0)
%
State income taxes
 
 
(5.5)
 
 
(5.8)
 
Permanent difference:
 
 
 
 
 
 
 
Stock-based compensation
 
 
1.3
 
 
1.1
 
Meals and entertainment
 
 
0.1
 
 
-
 
Derivative instrument issuance - financing warrant
 
 
-
 
 
-
 
Change in fair value of derivative liability
 
 
-
 
 
22.9
 
General and administrative expense - consulting warrant
 
 
-
 
 
-
 
Amortization of debt discount
 
 
-
 
 
0.8
 
Gain on debt extinguishment
 
 
-
 
 
(1.8)
 
True-up of state deferred taxes
 
 
(0.2)
 
 
-
 
Other
 
 
0.7
 
 
0.6
 
Research and development tax credit, federal
 
 
(4.4)
 
 
(0.9)
 
Research and development tax credit, state
 
 
(3.1)
 
 
-
 
Increase in valuation allowance, federal
 
 
36.3
 
 
17.1
 
Increase in valuation allowance, state
 
 
8.8
 
 
-
 
Effective income tax rate
 
 
0.0
%
 
0.0
%