Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Reconciliation of Federal Statutory Income Tax Rate

Reconciliation of the Federal statutory income tax rate of 34% to the effective rate is as follows:

	Year Ended December 31,
	2013			2012			2011
Federal statutory income tax rate		34.00	%		34.00	%		34.00	%
State taxes, net of federal benefit		3.45			3.45			3.45
Permanent differences-derivative loss (gain)		0.11			110.51			7.02
Permanent differences-other		(1.07	)		44.12			(2.76	)
Research and development (“R&D”) credit		4.91			(129.12	)		2.92
Other		0.64			(30.89	)		(6.63	)
Valuation allowance		(42.04	)		(24.82	)		(38.00	)
		0.00	%		7.25	%		0.00	%

Significant Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and net operating losses that give rise to significant components of deferred tax assets and liabilities consist of the following:

	December 31,
Deferred tax assets (liabilities)	2013			2012
Deferred revenue	$	1,576,186		$	4,010,493
Basis difference in equipment		(890,387	)		(926,735	)
Basis difference in intangibles		(501,709	)		(618,403	)
Accrued liabilities and other		418,300			263,364
R&D credit		10,366,432			8,720,314
Stock options		2,199,794			1,557,756
Net operating loss carry-forward (NOL)		40,494,523			16,575,544
		53,663,139			29,582,333
Less: valuation allowance		(53,663,139	)		(29,582,333	)
	$	—		$	—