Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax asset are as follows:

	December 31,
	2012			2011
Current Deferred Tax Assets
Accrued Bonuses	$	39,313		$	15,725
Noncurrent Deferred Tax Assets
Net Operating Loss (NOL)		2,914,697			2,036,023
Carryover
Technology Licenses		73,021			119,842
Research & Development Tax		383,067			203,288
Credits
Share Based Expense		179,779			158,229
Total Deferred Tax Asset		3,589,877			2,533,107
Less: Valuation Allowance		(3,589,877	)		(2,533,107	)
Net Deferred Tax Asset	$	-		$	-

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between income taxes at the statutory tax rate (34%) and the actual income tax provision for continuing operations follows:

	December 31,
	2012			2011
Loss Before Income Taxes	$	(2,582,537	)	$	(2,363,344	)
Tax (Benefit) @ Statutory Tax Rate		(878,063	)		(803,537	)
Effects of:
Exclusion of ISO Expense		-			105,612
R&D Tax Credits		(179,779	)		(24,928	)
(Increase)/Decrease in Valuation Allowance		1,056,770			726,118
Other		1,072			(3,265	)
Provision (Benefit) for Income Taxes	$	-		$	-

Schedule of Unrecognized Tax Benefits Roll Forward

As of December 31, 2012 and 2011, the Company has no unrecognized income tax benefits. The Company is in process of completing an analysis of its tax credit carryforwards. A reconciliation of our unrecognized tax benefits for the years ending December 31, 2012 and 2011 is presented in the table below:

	December 31,
	2012		2011
Beginning balance	$	-	$	-
Additions based on tax positions related to current year		-		-
Reductions for tax positions of prior years		-		-
Reductions due to expiration of statute of limitations		-		-
Settlements with taxing authorities		-		-
Ending Balance	$	-	$	-