Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2014 and 2013, the expected income tax effect of the Company’s deferred tax assets (liabilities) consisted of the following:

	2014		2013
Deferred tax asset:
Tax effect of:
Net operating loss carryforwards	$	26,754,000	$	25,504,000
Accrued expenses		105,000		49,000
Amortization of definite lived intangible assets		12,000		15,000
Non-qualified stock option compensation		113,000		69,000
Depreciation		97,000		123,000
Other		1,076,000		297,000
Patents		(77,000)		(114,000)
State net operating loss carryforwards, net of federal tax benefit		214,000		19,000
Research tax credit carryforwards		2,169,000		2,223,000
Total deferred tax assets		30,463,000		28,185,000
Valuation allowance		(30,463,000)		(28,185,000)
Net deferred tax assets	$	-	$	-

Schedule of Effective Income Tax Rate Reconciliation

The benefit for income taxes differs from the federal statutory rate due to the following:

	2014		2013
Tax at statutory rate	(34.0)	%	(34.0)	%
State taxes, net of federal benefit	0.0		0.0
Research and development credit	(1.4)		(1.7)
Share based payment expense	1.8		0.7
Other	1.5		3.0
Removal of deferred tax asset on federal net operating losses	0.0		64.1
Establishment of deferred tax asset on state net operating losses and state deferred taxes, net of federal income tax benefits	(3.8)		6.4
Change in valuation allowance	36.0		(38.6)
Effective tax rate	0.0	%	0.0	%