Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of components of deferred tax assets
The significant components of the Company’s deferred tax assets are comprised of the following:
 
 
 
December 31,
 
 
2016
 
2015
Deferred tax assets:
 
    
 
    
Net operating losses
 
$
20,587,955

 
$
20,350,451

Research and development credits
 
1,840,505

 
1,814,296

Deferred rent
 
11,902

 
15,599

Accrued compensation
 
90,936

 
438,351

Stock-based compensation
 
2,169,070

 
1,500,520

Basis difference in tangible and intangible assets
 
6,174,163

 
207,157

Total deferred tax assets
 
30,874,531

 
24,326,374

Less valuation allowance
 
(30,874,531
)
 
(24,326,374
)
Net deferred tax asset
 
$
—

 
$
—

Reconciliation of income tax expenses between federal statutory rate and effective income tax rate
A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: 
 
 
December 31,
 
 
2016
 
2015
Federal statutory rate
 
34.00
 %
 
34.00
 %
Permanent differences
 
(0.02
)%
 
(0.02
)%
Warrants
 
0.15
 %
 
4.26
 %
State taxes
 
3.44
 %
 
5.12
 %
Research and development credit
 
2.18
 %
 
2.69
 %
Other
 
—
 %
 
0.03
 %
Change in valuation allowance
 
(39.75
)%
 
(46.08
)%
Effective income tax rate
 
—
 %
 
—
 %