INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes Tables

Federal statutory corporate tax rate

The difference between income tax expense computed by applying the federal statutory corporate tax rate and actual income tax expense is as follows:

	2015			2014
Income taxes using U.S. federal statutory rate		34.0	%		34.0	%
State income taxes, net of federal benefit		3.8			(3.8	)%
Prior period provision		0	%		0	%
Stock Expirations		0	%		(61.1	)%
Other		(0.1	)%		(0.1	)%
Change in Valuation Allowance		(37.7	)%		(31.0	)%

Components of the deferred tax assets (liabilities)

The significant components of the deferred tax assets (liabilities) at December 31, 2015 and 2014, are summarized as follows:

	2015			2014
Deferred tax assets:
Stock Based Compensation	$	1,216,472		$	1,121,839
Net Operating Losses		12,251,334			12,640,130
Accrued payroll		218,654			241,854
Intangibles		2,738,614			2,752,414
Other		-			39
Total deferred tax assets		16,425,074			16,886,257
Deferred tax liabilities:
Beneficial Conversion Feature		(40,147	)		(1,975	)
Total deferred tax liabilities		(40,147	)		(1,975	)
Valuation allowance		(16,384,927	)		(16,884,552	)
Net deferred tax assets	$	-		$	-