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 | % | | | | | | | | |
|