Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.1.9
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes Tables  
Provision for income taxes

The components of the income tax provisions for 2014 and 2013 are as follows:

 

    2014     2013  
Current provision:            
Federal   $ -     $ -  
State     -       1,600  
                 
Deferred benefit:                
Federal     (639,913 )     (946,991 )
State     (112,926 )     (246,076 )
      (752,839 )     (1,193,068 )
Change in valuation allowance     752,839       1,193,068  
Total Provision   $ -     $ 1,600  
Federal income tax

    2014     2013  
Provision at statutory rate     34.0 %     34.0 %
State taxes, net of federal benefit     5.8 %     5.8 %
Nondeductible and other items     (8.9 %)     (8.8 %)
Change in valuation allowance     (25.9 %)     (31.1 %)
Total     (0.0 %)     (0.1 %)

Deferred tax assets

Significant components of the Company’s deferred taxes as of December 31, 2014 and 2013 are as follows:

 

    2014     2013  
Deferred tax assets:            
Net operating loss carry forwards   $ 1,427,000     $ 1,239,529  
Share-based compensation     783,494       86,806  
Accrual to cash     384,886       622,243  
Other     65,418       11,297  
Total deferred tax assets     2,660,800       1,959,875  
Valuation allowance     (2,521,561 )     (1,768,722 )
      135,239       191,153  
                 
Deferred tax liabilities:                
Tax deductible licensing agreement     (135,233     (187,645 )
Accrual to cash     -       -  
Other     -       (3,509 )
                 
Total deferred tax liabilities     (135,239     (191,153 )
                 
Net deferred tax assets (liabilities)   $ -     $ -