XML 34 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income taxes (Tables)
12 Months Ended
Dec. 31, 2013
Income taxes  
Schedule of reconciliation of the U.S. statutory income tax rate to the Company's effective tax rate

 

 

 
   
  December 31,  
 
  2013   2012   2011  

Federal income tax (benefit) at statutory rate

    34.00 %   34.00 %   34.00 %

State income tax benefit, net of federal benefit

    5.65     3.80     4.20  

Permanent differences

    (5.90 )        

Research and development

    15.88          

Increase to valuation allowance

    (49.63 )   (35.80 )   (45.90 )

Other

        (2.00 )   (1.60 )
               

Effective income tax rate

    0.00 %   0.00 %   (9.30 )%
               
               
Schedule of significant components of the Company's deferred tax assets and liabilities

 

 

 
  2013   2012  

Deferred tax assets:

             

Amortization

  $ 80,387   $ 91,871  

Depreciation

    1,922,332     1,535,952  

Accrued expense

    332,539     1,208,846  

Deferred revenue

    350,447     6,962,506  

Federal tax credits

    14,081,615     5,383,092  

State tax credits

    1,587,217     1,094,833  

Federal net operating losses

    88,187,475     71,752,278  

State net operating losses

    10,456,688     7,619,606  

Capitalized research and development costs

    12,254,381     10,479,055  

Other

    3,211,720     742,341  
           

Total gross deferred tax assets

    132,464,801     106,870,380  

Less valuation allowance

    (132,464,801 )   (106,870,380 )
           

Net deferred tax assets

  $   $