Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015		2014		2013
Deferred Tax Assets
Accrued Bonuses	$	76,779	$	48,408	$	15,725
Accrued Vacation		22,594		-		-
Net Operating Loss (NOL) Carryover		6,640,838		5,025,174		3,727,259
Technology Licenses Amortization		63,534		66,697		69,859
Research & Development Tax Credits		877,092		668,611		520,891
Share Based Expense		293,324		256,568		201,490
Other		(10,085)		-		-
Total Deferred Tax Asset		7,964,076		6,065,458		4,535,224
Less: Valuation Allowance		(7,964,076)		(6,065,458)		(4,535,224)
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,
	2015		2014		2013
Loss Before Income Taxes	$	(5,466,794)	$	(4,560,481)	$	(3,266,013)
Tax (Benefit) @ Statutory Tax Rate		(1,858,710)		(1,550,564)		(1,110,444)
Effects of:
Exclusion of Incentive Stock Option Expense		89,112		82,333		217,813
R&D Tax Credits		(131,884)		(131,722)		(90,964)
Increase in Valuation Allowance		1,898,618		1,530,234		945,347
Carryforward Adjustment		-		21,439		-
Other		2,864		48,280		38,248
Provision for Income Taxes	$	-	$	-	$	-