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Income Taxes | 12 Months Ended
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Dec. 31, 2015
Income Taxes [Abstract] |
Income Taxes | Note 9 – Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows:
|  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses carry forward |  | $ | 28,910,183 |  |  | $ | 22,866,340 |
Less: valuation allowance |  |  | (28,910,183 | ) |  |  | (22,866,340 | )
Deferred tax assets, net |  | $ | - |  |  | $ | - |
As of December 31, 2015, for U.S. federal income tax reporting purposes, the Company has approximately $85.0 million of unused net operating losses (“NOLs”) available for carry forward to future years. The benefit from the carry forward of such NOLs will begin expiring during the year ended December 31, 2021. Because United States tax laws limit the time during which NOL carry forwards may be applied against future taxable income, the Company may be unable to take full advantage of its NOL for federal income tax purposes should the Company generate taxable income. Further, the benefit from utilization of NOLs carry forwards could be subject to limitations due to material ownership changes that could occur in the Company as it continues to raise additional capital. Based on such limitations, the Company has significant NOLs for which realization of tax benefits is uncertain. The difference between the income tax provision and the amount that would result if the U.S. Federal statutory rate of 34% were applied to pre-tax loss for the years ended December 31, 2015, 2014 and 2013 are as follows:
|  | For the year ended |
|  | December 31, 2015 |  |  | December 31, 2014 |  |  | December 31, 2013 |
Federal income taxes at 34% |  | $ | (7,148,607 | ) |  |  | (34.00 | )% |  | $ | (8,393,753 | ) |  |  | (34.00 | )% |  | $ | (3,663,089 | ) |  |  | (34.00 | )%
Stock-based compensation |  |  | 2,400,951 |  |  |  | 11.42 | % |  |  | 2,135,414 |  |  |  | 8.65 | % |  |  | 163,519 |  |  |  | 1.52 | %
Change in fair value of derivatives |  |  | (1,296,188 | ) |  |  | (6.16 | )% |  |  | 750,073 |  |  |  | 3.04 | % |  |  | 1,420,993 |  |  |  | 13.19 | %
Other |  |  | - |  |  |  | - | % |  |  | 526,224 |  |  |  | 2.13 | % |  |  | - |  |  |  | - | %
Change in valuation allowance |  |  | 6,043,844 |  |  |  | 28.74 | % |  |  | 4,982,042 |  |  |  | 20.18 | % |  |  | 2,078,577 |  |  |  | 19.29 | %
Provision for income tax |  | $ | - |  |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  |  | - |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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