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Schedule of Income Taxes and deferred tax assets (Tables) | 12 Months Ended
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Dec. 31, 2014
Schedule Of Income Taxes And Deferred Tax Assets Tables |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred income taxes are as follows:
|  |  | For the Years ended December 31, |
|  |  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |
Net operating loss carryforwards |  |  | $ | 2,307,440 |  |  | $ | 2,092,216 |
Start-up cost |  |  |  | 350,834 |  |  |  | 381,070 |
Goodwill |  |  |  | 805,100 |  |  |  | 871,272 |
Amortization of Intellectual Property |  |  |  | (6,893 | ) |  |  | (6,893 | )
Stock based compensation |  |  |  | 621,858 |  |  |  | 542,836 |
Other |  |  |  | 131 |  |  |  | 1,653 |
Deferred tax assets |  |  |  | 4,078,470 |  |  |  | 3,882,154 |
Less valuation allowance |  |  |  | (4,078,470 | ) |  |  | (3,882,154 | )
Net deferred tax assets after valuation allowance |  |  | $ | — |  |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. statutory federal income tax rate to the effective income tax rate (benefit) follows:
Rate Reconciliation |  | For the Years ended December 31, |
|  | 2014 |  |  | 2013 |
Federal income tax at statutory rate |  | $ | (192,410 | ) |  | $ | (358,686 | )
State Tax, net of Federal rate |  |  | (20,543 | ) |  |  | (58,023 | )
Permanent Differences |  |  | 237 |  |  |  | (13,829 | )
Forfeiture of fully vested stock compensation |  |  | — |  |  |  | 255,438 |
Rate Change from 39.5% to 37.63% |  |  | — |  |  |  | 88,950 |
Other |  |  | 16,400 |  |  |  | 21,891 |
Change in Valuation Allowance |  |  | 196,316 |  |  |  | 64,259 |
|  | $ | — |  |  | $ | — |
Summary of Valuation Allowance | Valuation and Qualifying Accounts
Description |  | Balance at |  |  | Charged to |  |  | Write-offs |  |  | Other |  |  | Balance at |
|  | Beginning |  |  | Cost and |  |  |  |  |  | Charges |  |  | End of |
|  | of Period |  |  | Expenses |  |  |  |  |  |  |  |  | Period |
Deferred tax asset valuation allowance |
Year ended December 31, 2014 |  | $ | 3,882,154 |  |  | $ | 196,316 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,078,470 |
Year ended December 31, 2013 |  | $ | 3,817,895 |  |  | $ | 64,259 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,882,154 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: 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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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Valuation Allowance -URI http://asc.fasb.org/extlink&oid=6528051 + Details
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