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 Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
Components of the Net Loss consist of the following:
 
 
 
December 31,
 
 
 
2014
 
2013
 
Foreign
 
 
(14,692,723)
 
 
(502,052)
 
Domestic
 
 
(12,923,447)
 
 
(10,381,992)
 
 
 
 
(27,616,170)
 
 
(10,884,044)
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Deferred tax assets and liabilities and related valuation allowance as of December 31, 2014 and 2013 are as follows:
 
 
 
December 31,
 
 
 
2014
 
2013
 
Deferred tax assets:
 
 
 
 
 
 
 
Research and development credit carryforward (1)
 
 
6,188
 
 
6,188
 
Net operating loss carryforwards
 
 
11,320,229
 
 
9,040,045
 
Stock-based compensation
 
 
1,335,776
 
 
-
 
Accrued bonuses
 
 
200,113
 
 
223,397
 
Other
 
 
363,868
 
 
159,656
 
 
 
 
 
 
 
 
 
Total deferred tax assets
 
 
13,226,174
 
 
9,429,286
 
 
 
 
 
 
 
 
 
Valuation allowance
 
 
(13,226,174)
 
 
(9,429,286)
 
 
 
 
 
 
 
 
 
Net deferred tax assets
 
$
0
 
$
0
 
  
 
(1)
The Company has incurred research and development (“R&D”) expenses, a portion of which may qualify for tax credits. The Company has not conducted an R&D credit study to quantify the amount of credits and has not claimed an R&D credit on its federal tax returns filed except for $6,188 in 2007. The Company may conduct the study in future years and may establish the R&D credit carryforward for prior years. In such event, the net operating loss carryforward will be correspondingly reduced by the amount of the credit.
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company's income tax provision is as follows:
 
 
 
Year Ended
December 31,
 
 
 
2014
 
 
2013
 
Statutory federal income tax
 
 
(35.0)
%
 
 
(34.0)
%
State income tax, net of federal tax effect
 
 
(10.2)
%
 
 
(10.5)
%
Permanent difference
 
 
0.3
%
 
 
6.7
%
Increase in valuation allowance
 
 
22.0
%
 
 
37.8
%
Foreign loss not subject to income tax
 
 
24.0
%
 
 
0.0
%
Other
 
 
(1.1)
%
 
 
0.0
%
 
 
 
 
 
 
 
 
 
Income tax provision
 
 
0
%
 
 
0
%