| Schedule of Income Tax Provision (Benefit) |
The income tax provision (benefit) for
the years ended December 31, 2014 and 2013 consists of the following:
| |
|
For The Years Ended |
|
| |
|
December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Federal: |
|
|
|
|
|
|
|
|
| Current |
|
$ |
- |
|
|
$ |
- |
|
| Deferred |
|
|
(10,070,639 |
) |
|
|
(8,732,121 |
) |
| |
|
|
|
|
|
|
|
|
| State and local: |
|
|
|
|
|
|
|
|
| Current |
|
|
- |
|
|
|
- |
|
| Deferred |
|
|
(2,073,367 |
) |
|
|
(1,797,790 |
) |
| |
|
|
(12,144,006 |
) |
|
|
(10,529,911 |
) |
| Change in valuation allowance |
|
|
12,144,006 |
|
|
|
10,529,911 |
|
| Income tax provision (benefit) |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences
that give rise to deferred tax assets are presented below:
| |
|
For The Years Ended |
|
| |
|
December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Deferred Tax Assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
17,499,000 |
|
|
$ |
11,982,779 |
|
| Stock-based compensation |
|
|
4,232,300 |
|
|
|
2,805,860 |
|
| Provision for warrant liability |
|
|
- |
|
|
|
606,800 |
|
| Accruals |
|
|
2,397,300 |
|
|
|
160,849 |
|
| Goodwill |
|
|
2,501,517 |
|
|
|
- |
|
| Intangible assets |
|
|
553,100 |
|
|
|
248,741 |
|
| Tax credits |
|
|
409,000 |
|
|
|
379,000 |
|
| Gross deferred tax assets |
|
|
27,592,217 |
|
|
|
16,184,029 |
|
| |
|
|
|
|
|
|
|
|
| Deferred Tax Liabilities: |
|
|
|
|
|
|
|
|
| Fixed assets |
|
|
(833,300 |
) |
|
|
(833,294 |
) |
| Derivative liabilities |
|
|
- |
|
|
|
(735,824 |
) |
| Gross deferred tax liabilities |
|
|
(833,300 |
) |
|
|
(1,569,118 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred tax assets |
|
|
26,758,917 |
|
|
|
14,614,911 |
|
| |
|
|
|
|
|
|
|
|
| Valuation allowance |
|
|
(26,758,917 |
) |
|
|
(14,614,911 |
) |
| |
|
|
|
|
|
|
|
|
| Deferred tax asset, net of valuation allowance |
|
$ |
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Changes in valuation allowance |
|
$ |
12,144,006 |
|
|
$ |
10,529,911 |
|
|