|
5. Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Income Tax Disclosure [Abstract] |
|
| US and Foreign income |
| |
|
December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| United States |
|
$ |
(18,653,576 |
) |
|
$ |
(8,745,624 |
) |
| Foreign |
|
|
(1,799,851 |
) |
|
|
(387,474 |
) |
| Total |
|
$ |
(20,453,427 |
) |
|
$ |
(9,133,098 |
) |
|
| Deferred Tax Assets |
| Net
operating loss carryforwards – Federal |
|
$ |
12,928,000 |
|
|
$ |
10,957,000 |
|
| Net
operating loss carryforwards – state |
|
|
1,531,000 |
|
|
|
1,331,000 |
|
| Net
operating loss carryforwards –foreign |
|
|
655,000 |
|
|
|
116,000 |
|
| Capitalized
licensing fees |
|
|
2,135,000 |
|
|
|
2,361,000 |
|
| Convertible
debt and warrants |
|
|
- |
|
|
|
1,106,000 |
|
| Stock-based
compensation |
|
|
1,457,000 |
|
|
|
690,000 |
|
| Other |
|
|
38,000 |
|
|
|
3,000 |
|
| Totals |
|
|
18,744,000 |
|
|
|
16,564,000 |
|
| Less
valuation allowance |
|
|
(18,744,000
|
)
|
|
|
(16,564,000 |
) |
| Deferred
tax assets |
|
$ |
- |
|
|
$ |
- |
|
|
| Effective Income Tax Rate Reconciliation |
| |
|
December 31, |
|
| |
|
2014 |
|
|
2013 |
|
| Statutory Federal tax rate |
|
|
(34.0 |
)% |
|
|
(34.0 |
)% |
| State income tax rate (net of Federal) |
|
|
(0.6 |
)% |
|
|
(4.6 |
)% |
| Effect of foreign operations |
|
|
0.4 |
% |
|
|
0.2 |
% |
| Non-deductible expenses associated with derivative liabilities |
|
|
23.5 |
% |
|
|
- |
|
| Other permanent differences |
|
|
(0.1 |
)% |
|
|
(0.6 |
)% |
| Effect of valuation allowance |
|
|
10.8 |
% |
|
|
39.0 |
% |
| Effective tax rate |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
| Changes in deferred tax asset valuation allowance |
| Year Ended |
|
Balance at Beginning of Year |
|
|
Increase (Decrease) Charged (Credited) to Income Taxes (Benefit) |
|
|
Increase (Decrease) Charged (Credited) to OCI |
|
|
Balance at End of Year |
|
| December 31, 2014 |
|
$ |
16,564,000 |
|
|
$ |
2,212,000 |
|
|
$ |
(32,000 |
) |
|
$ |
18,744,000 |
|
| December 31, 2013 |
|
|
13,533,000 |
|
|
|
3,031,000 |
|
|
|
- |
|
|
|
16,564,000 |
|
|