General form of registration statement for all companies including face-amount certificate companies

Income Taxes (Tables)

v3.5.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) for the years ended December 31, 2015 and 2014 consists of the following:

 

    For The Years Ended
December 31,
 
    2015     2014  
Federal:                
Current   $     $  
Deferred     (3,704,115 )     (10,070,600 )
State and local:                
Current            
Deferred     1,496,815       (2,073,400 )
      (2,207,300 )     (12,144,000 )
Change in valuation allowance     2,207,300       12,144,000  
Income tax provision (benefit)   $     $

Summary of Reconciliation of Statutory Federal Income Tax Rate and Effective Income Tax Rate

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:

 

    For The Years Ended
December 31,
 
    2015     2014  
Tax benefit at federal statutory rate     (34.0 )%     (34.0 )%
State income taxes, net of federal benefit     (4.0 )%     (7.0 )%
Permanent differences     (11.1 )%     (3.3 )%
Other adjustment     (1.1 )%     (8.0 )%
Change in effective rate     23.4 %     0.0 %
Change in valuation allowance     26.8 %     52.3 %
Effective income tax rate     0.0 %     0.0 %

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,
 
    2015     2014  
Deferred Tax Assets:                
Net operating loss carryforwards   $ 20,237,500     $ 17,499,000  
Stock-based compensation     4,624,700       3,625,500  
Provision for warrant liability           606,800  
Accruals     1,581,900       2,397,300  
Goodwill     2,318,500       2,501,500  
Intangible assets     474,000       553,100  
Allowance for doubtful accounts     53,600        
Tax credits     448,300       409,000  
Gross deferred tax assets     29,738,500       27,592,200  
Deferred Tax Liabilities:                
Fixed assets     (772,300 )     (833,300 )
Gross deferred tax liabilities     (772,300 )     (833,300 )
Net deferred tax assets     28,966,200       26,758,900  
Valuation allowance     (28,966,200 )     (26,758,900 )
Deferred tax asset, net of valuation allowance   $     $  
Changes in valuation allowance   $ 2,207,300     $ 12,144,000