Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

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,
	2013		2012
Current Deferred Tax Assets
Accrued Bonuses	$	15,725	$	39,313
Noncurrent Deferred Tax Assets
Net Operating Loss (NOL) Carryover		3,727,259		2,914,697
Technology Licenses		69,859		73,021
Research & Development Tax Credits		520,891		383,067
Share Based Expense		201,490		179,779
Total Deferred Tax Asset		4,535,224		3,589,877
Less: Valuation Allowance		(4,535,224)		(3,589,877)
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,
	2013		2012
Loss Before Income Taxes	$	(3,266,013)	$	(2,582,537)
Tax (Benefit) @ Statutory Tax Rate		(1,110,444)		(878,063)
Effects of:
Exclusion of ISO Expense		217,813		-
R&D Tax Credits		(90,964)		(179,779)
Increase in Valuation Allowance		945,347		1,056,770
Other		38,248		1,072
Provision for Income Taxes	$	-	$	-

Schedule of Unrecognized Tax Benefits Roll Forward

As of December 31, 2013 and 2012, the Company has no unrecognized income tax benefits. A reconciliation of our unrecognized tax benefits for the years ending December 31, 2013 and 2012 is presented in the table below:

	December 31,
	2013		2012
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	$	-	$	-