Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets as of December 31 consist of the following:

	2013		2012
Net operating loss	$	32,193,000	$	23,792,000
Stock-based compensation		6,617,000		5,808,000
In-Process Research & Development		6,017,000		5,014,000
Research and development credits		2,149,000		783,000
Totals		46,976,000		35,397,000
Less: valuation allowance		(46,976,000)		(35,397,000)
	$	-	$	-

Federal Income Tax Note

To the extent there is a limitation, there would be a reduction in the deferred tax asset with an offsetting reduction in the valuation allowance.

	2013			2012
Statutory Federal tax rate		(34)	%		(34)	%
Statutory state and local income taxes (net of Federal)		(11)	%		(7)	%
Effect of valuation allowance		45	%		41	%
Effective tax rate		0	%		0	%

- Definition

Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

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