Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

The primary components of the net deferred tax liabillities at December 31, 2013 and 2012 were as follows:

	2013			2012
Deferred tax assets/(liabilities):
Net operating loss carryforwards	$	46,711,000		$	36,111,000
Research & development and other credits		2,329,000			1,856,000
Patents and licenses		(11,934,000	)		(1,066,000	)
Other, net		737,000			-
Total		37,843,000			36,901,000
Valuation allowance		(46,121,000	)		(36,901,000	)
Net deferred tax liabilities	$	(8,278,000	)	$	-

Income tax rate reconciliation

Income taxes differed from the amounts computed by applying the U.S. federal income tax of 34% to pretax losses from operations as a result of the following:

	Year Ended December 31,
	2013	2012	2011

Computed tax benefit at federal statutory rate	(34%)	(34%)	(34%)
Permanent differences	15%	3%	(1%)
Losses for which no benefit has been recognized	18%	28%	41%
State tax benefit, net of effect on federal income taxes	(4%)	-	(6%)
Foreign rate differential	(1%)	3%	-
	(6%)	0%	0%