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 income taxes by jurisdiction
The income taxes by jurisdiction consist of the following for the years ended December 31, 2014 and 2015:
 
Year Ended December 31, 2014
 
Year Ended December 31, 2015
U.S. federal
 

 
 
Current
$

 
$

Deferred

 

Total U.S. federal

 

U.S. state and local
 

 
 
Current
1,000

 
1,000

Deferred

 

Total U.S. state and local
1,000

 
1,000

Total income taxes
$
1,000

 
$
1,000

Schedule of income taxes differ from the amounts computed by applying the U.S. federal income tax rate to pretax income (loss) before income taxes
ncome taxes differ from the amounts computed by applying the U.S. federal income tax rate to pretax income (loss) before income taxes as a result of the following for the years ended December 31, 2014 and 2015:
 
Year ended December 31, 2014
 
Year ended December 31, 2015
Expected income tax expense
$
(3,308,000
)
 
$
(3,291,000
)
State income tax (benefit), net of federal benefit and federal valuation allowance
1,000

 
1,000

Valuation Allowance (net of state)
2,868,000

 
3,426,000

Permanent Differences:
 

 
 
Stock Options

 
131,000

Change in Fair Market Value — Financing Warrant Expenses
130,000

 

Other
147,000

 
10,000

Interest Expenses — Disqualified Debt
514,000

 

Research & Development Credit
(169,000
)
 
(174,000
)
Adjustment to Deferred Taxes
(182,000
)
 
(102,000
)
Total provision for income taxes
$
1,000

 
$
1,000

Schedule of components of deferred income tax
Deferred income tax reflects the tax effects of temporary differences that gave rise to significant portions of our deferred tax assets and liabilities. Deferred income taxes consisted of the following as of December 31, 2014 and December 31, 2015:
 
 
Year ended December 31, 2014
 
Year ended December 31, 2015
Deferred tax assets—current:
 
 

 
 
Accrued Expenses
 
$
3,000

 
$

Accrued Payroll
 
6,000

 

Deferred Rent
 
36,000

 

Total current assets
 
45,000

 

Deferred tax assets—long term:
 
 

 
 
Accrued Payroll
 

 
95,000

Intangibles
 
779,000

 
763,000

Organization Cost
 
17,000

 

Start-up Expenditures
 
1,691,000

 

Research & Development Credit
 
492,000

 
804,000

Net Operating loss
 
1,374,000

 
6,592,000

Stock Compensation
 
140,000

 
379,000

New Jobs Credit
 
7,000

 
7,000

Total long-term assets
 
4,500,000

 
8,640,000

Total deferred tax assets
 
4,545,000

 
8,640,000

Less: Valuation Allowance
 
(4,520,000
)
 
(8,639,000
)
Deferred tax liabilities—current:
 

 

Total current liabilities
 

 

Deferred tax liabilities—long term:
 
 

 
 
Fixed Assets
 
(25,000
)
 
(1,000
)
Total long-term liabilities
 
(25,000
)
 
(1,000
)
Total deferred tax liabilities
 
(25,000
)
 
(1,000
)
Net deferred tax assets
 
$

 
$