Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details 1)

v2.4.1.9
INCOME TAXES (Details 1) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Deferred tax assets:    
Research and development credit carryforward (1) $ 6,188us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsResearch [1] $ 6,188us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsResearch [1]
Net operating loss carryforwards 11,320,229us-gaap_DeferredTaxAssetsOperatingLossCarryforwards 9,040,045us-gaap_DeferredTaxAssetsOperatingLossCarryforwards
Stock-based compensation 1,335,776us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost 0us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
Accrued bonuses 200,113us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities 223,397us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
Other 363,868us-gaap_DeferredTaxAssetsOther 159,656us-gaap_DeferredTaxAssetsOther
Total deferred tax assets 13,226,174us-gaap_DeferredTaxAssetsGross 9,429,286us-gaap_DeferredTaxAssetsGross
Valuation allowance (13,226,174)us-gaap_DeferredTaxAssetsValuationAllowance (9,429,286)us-gaap_DeferredTaxAssetsValuationAllowance
Net deferred tax assets $ 0us-gaap_DeferredTaxAssetsNet $ 0us-gaap_DeferredTaxAssetsNet
[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.