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

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Taxes [Abstract]  
Schedule of Deferred Tax Assets

At December 31, 2013 and 2012, the Company has provided a full valuation allowance against its net deferred tax assets as realization is dependent on future earnings, if any, the timing and amount which is uncertain. The valuation allowance for 2013 increased $4,805,742 from 2012. Significant components of the Company's deferred tax assets consist of the following:

 

    December 31,  
    2013     2012  
Deferred tax assets:                
Depreciation and other   $ 1,032,972     $ 172,727  
Net operating loss carryforwards     13,631,820       9,966,468  
Unused R& D tax credits     280,145       -  
Less: Valuation allowance     (14,944,937 )     (10,139,195 )
Net deferred tax asset (liability)   $ -     $ -  

 
Reconciliation of Income Tax

Taxes computed at the statutory federal income tax rate of 34% are reconciled to the provision for income taxes as follows for the years ended December 31:

 

    2013     2012  
    Amount     Percent of
Pretax
Earnings		     Amount     Percent of
Pretax
Earnings		  
United States federal tax statutory rate   $ (4,077,982 )     34.0 %   $ (4,947,324 )     34.0 %
State taxes (net of deferred benefit)     (698,354 )     5.8 %     (834,558 )     5.7 %
Non-U.S. taxes     16,863       (0.1 )%     -       - %
Non-deductible expenses     430,631       (3.6 )%     44,883       (0.3 )%
Tax credits     (280,145 )     2.3 %     -       - %
Other, net     (196,756 )     1.6 %     3,153       - %
Change in valuation allowance     4,805,742       (40.1 )%     5,733,844       (39.4 )%
                                 
Provision for income taxes   $ -       - %   $ -       - %