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 Income before Income Tax, Domestic and Foreign [Table Text Block]

The components of loss before income taxes are as follows:
 
 
 
Year Ended December 31,
  
 
2016
 
2015
Domestic
 
$
(13,831,191
) 
 
$
(8,755,011
) 
Foreign
 
 
487,754
 
 
 
367,038
 
Total
 
$
(13,343,437
) 
 
$
(8,387,973
) 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The difference between the effective rate reflected in the provision for income taxes on loss before taxes and the amounts determined by applying the applicable statutory U.S. tax rate are analyzed below:
 
 
 
Year Ended December 31,
  
 
2016
 
2015
United States Federal Income Tax Rate
 
 
34.00
% 
 
 
34.00
% 
State taxes, Net of Federal Benefit
 
 
1.84
% 
 
 
6.27
% 
Permanent Differences
 
 
(2.47
)% 
 
 
(10.88
)% 
Change in Valuation Allowance
 
 
(35.02
)% 
 
 
(29.55
)% 
Expiration of State Net Operating Loss Carryforward
 
 
(0.00
)% 
 
 
(0.03
)% 
Research and Development Credits
 
 
2.95
% 
 
 
0.43
% 
Tax Rate Differential
 
 
0.13
% 
 
 
0.00
% 
Other
 
 
(1.43
)% 
 
 
(0.24
)% 
Effective Tax Rate
 
 
0.00
% 
 
 
0.00
% 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The Company’s deferred tax assets and liabilities consist of the following:
 
 
2016
 
2015
Net Deferred Tax Assets:
 
 
  
 
 
 
  
 
Net Operating Loss Carryforwards
 
$
18,146,381
 
 
$
18,050,019
 
Research and Development Credit Carryforwards
 
 
1,640,669
 
 
 
1,226,384
 
Capitalized Research and Development
 
 
6,398,050
 
 
 
4,452,114
 
Nonqualified Stock Option
 
 
323,832
 
 
 
164,292
 
Warrants Issued for Services
 
 
—
 
 
 
587
 
Depreciation and Amortization
 
 
3,478
 
 
 
137
 
Start-up Costs/Organization Costs
 
 
—
 
 
 
17,959
 
Cash Versus Accrual Adjustments
 
 
4,387,806
 
 
 
2,179,356
 
Total Deferred Tax Assets
 
 
30,900,216
 
 
 
26,090,848
 
Valuation Allowance
 
 
(30,900,216
) 
 
 
(26,090,848
) 
Net Deferred Tax Asset
 
$
—
 
 
$
—
 
  
 
 
 
2016
 
2015
Net Deferred Tax Liability:
 
 
  
 
 
 
  
 
Net Deferred Tax Liability
 
 
1,525,896
 
 
 
—
 
Net Deferred Tax Liability
 
$
1,525,896
 
 
$
—