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INCOME TAXES | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES
|  | 2014 |  | 2013 |
Tax provision (benefit) |  |  |  |  |  |  |
Current |  |  |  |  |  |  |
Federal |  | $ | — |  | $ | — |
State |  |  | — |  |  | — |
Total current |  |  | — |  |  | — |
Deferred |  |  |  |  |  |  |
Federal |  |  | (3,868,524) |  |  | (4,705,250) |
State |  |  | 810,914 |  |  | 134,225 |
Total deferred |  |  | (3,057,610) |  |  | (4,571,025) |
Change in valuation allowance |  |  | 3,057,610 |  |  | 4,571,025 |
Total |  | $ | — |  | $ | — |
Deferred tax assets consisted of the following at December 31:
|  | 2014 |  | 2013 |
Deferred tax assets |  |  |  |  |  |  |
Federal net operating loss |  | $ | 29,246,965 |  | $ | 25,731,718 |
Federal research and development tax credit carryforwards |  |  | 2,689,775 |  |  | 2,480,417 |
State net operating loss |  |  | 1,813,954 |  |  | 2,070,642 |
State research and development tax credit carryforwards |  |  | 753,818 |  |  | 724,200 |
Capitalized research and development expenses |  |  | 10,609,942 |  |  | 11,128,803 |
Stock-based compensation expense |  |  | 1,758,909 |  |  | 1,599,005 |
Intangible assets |  |  | 313,412 |  |  | 380,339 |
Charitable contribution carryforwards |  |  | — |  |  | 34,850 |
Accrued liabilities |  |  | 35,392 |  |  | 26,112 |
Total deferred tax assets |  |  | 47,222,167 |  |  | 44,176,086 |
Deferred tax liabilities |  |  |  |  |  |  |
Depreciable assets |  |  | (245,785) |  |  | (257,314) |
Total deferred tax liabilities |  |  | (245,785) |  |  | (257,314) |
Net deferred tax assets |  |  | 46,976,382 |  |  | 43,918,772 |
Less– valuation allowance |  |  | (46,976,382) |  |  | (43,918,772) |
Total deferred tax assets |  | $ | — |  | $ | — |
A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:
|  |  | Year ended December 31, |
|  |  | 2014 |  |  |  | 2013 |
|  |  | (Restated) |  |  |  |  |
Income tax benefit using U.S. federal statutory rate |  |  | 34.00 | % |  |  | 34.00 | %
State income taxes |  |  | (6.65) | % |  |  | (0.82) | %
Permanent items |  |  | 9.62 | % |  |  | 5.10 | %
Change in valuation allowance |  |  | (37.98) | % |  |  | (42.40) | %
Other |  |  | 1.01 | % |  |  | 4.12 | %
Total |  |  | — | % |  |  | — | %
As of December 31, 2014, the Company had federal and state net operating loss carryforwards (“NOLs”) of approximately $86,020,000 and $34,553,000 respectively, which expire in 2018 through 2033 and in 2014 through 2033, respectively. In addition, the Company has federal and state research and development and investment tax credits of approximately $2,690,000 and $1,142,000, respectively which expire in 2018 through 2032 and in 2018 through 2027, respectively. The amount of NOLs and tax credit carryforwards which may be utilized annually in future periods will be limited pursuant to Section 382 of the Internal Revenue Code as a result of substantial changes in the Company’s ownership that have occurred or that may occur in the future. The Company has not quantified the amount of such limitations. Because of the Company’s limited operating history, continuing losses and uncertainty associated with the utilization of the NOLs in the future, management has provided a full allowance against the gross deferred tax asset. The Company did not have unrecognized tax benefits or accrued interest and penalties at any time during the years ended December 31, 2014 or 2013, and does not anticipate having unrecognized tax benefits over the next twelve months. The Company is subject to audit by the IRS and state taxing authorities for tax periods commencing January 1, 2009. Additionally, the Company may be subject to examination by the IRS for years beginning prior to January 1, 2009 as a result of its NOLs. However, any adjustment related to these periods would be limited to the amount of the NOL generated in the year(s) under examination.

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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 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 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 Reference 6: 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 + Details
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