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INCOME TAXES | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 10 – INCOME TAXES For the years ended December 31, 2016, 2015, and 2014, there was no provision for income taxes, current or deferred. At December 31, 2016, we had a federal net operating loss carry forward of $268,199,351 available to offset future taxable income through 2036. The federal carryforwards will begin to expire in 2031. A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Federal statutory tax rate |  |  | 34.0 | % |  |  | 34.0 | % |  |  | 34.0 | %
State tax rate, net of federal tax benefit |  |  | 5.4 | % |  |  | 4.73 | % |  |  | 5.8 | %
Adjustment in valuation allowances |  |  | (40.3 | )% |  |  | (38.97 | )% |  |  | (50.9 | )%
Permanent and other differences |  |  | 0.9 | % |  |  | 0.24 | % |  |  | 11.1 | %
Provision (benefit) for income taxes |  |  | — | % |  |  | — | % |  |  | — | %
Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax asset as of December 31, 2016, 2015, and 2014 are as follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
Deferred Income Tax Assets: |  |  |  |  |  |  |  |  |  |  |  |
Net operating losses |  | $ | 111,730,450 |  |  | $ | 79,499,633 |  |  | $ | 43,091,437 |
R&D Credit |  |  | 186,347 |  |  |  | 186,347 |  |  |  | — |
Total deferred income tax asset |  |  | 111,916,797 |  |  |  | 79,685,980 |  |  |  | 43,091,437 |
Valuation allowance |  |  | (111,916,797 | ) |  |  | (79,685,980 | ) |  |  | (43,091,437 | )
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, 2016. Unrecognized Tax Benefits As of the period ended December 31, 2016, we have no unrecognized tax benefits.

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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=65882285&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=65882285&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=65882285&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=65882285&loc=d3e32537-109319 + Details
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