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INCOME TAXES
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE  11 – INCOME TAXES 

 

For the years ended December 31, 2014, 2013 and 2012, there was no provision for income taxes, current or deferred. 

 

At December 31, 2014, we have a federal net operating loss carry forward of approximately $105,529,416 available to offset future taxable income through 2034. 

 

A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows:

  

   2014  2013  2012
Federal statutory tax rate   34.0%   35.0%   35.0%
State tax rate, net of federal tax benefit   5.8%   5.8%   5.5%
Adjustment in valuation allowances   (50.9)%   (32.4)%   (18.2)%
Permanent and other differences   11.1%   (8.4)%   (22.3)%
Provision (Benefit) for Income Taxes   —%   —%   —%

 

Our deferred tax asset and liability as presented in the accompanying consolidated financial statements consist of the following:

  

   2014  2013  2012
Deferred Income Tax Assets:         
Net operating losses  $43,091,437   $14,773,537   $5,920,861 
R&D Credit   0    547,511    186,346 
Total deferred income tax asset   43,091,437    15,321,048    6,107,207 
Valuation allowance   (43,091,437)   (15,321,048)   (6,107,207)
Deferred Income Tax Assets, net  $—   $—   $— 

 

We believe that it is more likely than not that we will not generate sufficient future taxable income to realize the tax benefits related to the deferred tax assets on our balance sheet and as such, a valuation allowance has been established against the deferred tax assets for the period ended December 31, 2014.

 

Unrecognized Tax Benefits

  

As of the period ended December 31, 2014, we had no unrecognized tax benefits.