Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

The components of the income tax provision were as follows:

	Year Ended December 31,
	20123		2014
Current
Federal	$	—	$	—
Foreign		—		—
State		—		—
Total		—		—
Deferred
Federal		—		—
Foreign		—		—
State		—		—
		—		—
Income tax provision	$	—	$	—

Schedule of Loss Before Income Tax Provision

For financial statement purposes, loss before income tax provision includes the following components:

	Year Ended December 31,
	2013		2014

Domestic	$	(8,012,906)	$	(13,691,729)
Foreign		(7,609)		(7,633)
	$	(8,020,515)	$	(13,699,362)

Reconciliation of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate of 34% to the Company’s effective income tax rate is as follows:

	Year Ended December 31,
	2013		2014
Income tax benefit based on federal statutory rate	$	(2,729,000)	$	(4,658,000)
State income tax benefit, net of federal income tax		(413,000)		(70,000)
Change in deferred tax valuation allowance		3,048,000		4,478,000
Stock-based compensation		75,000		203,000
Foreign net operating loss		-		—
Other, net		19,000		47,000
Income tax provision	$	—	$	—

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities are presented below:

	December 31, 2013		December 31, 2014
Deferred tax assets:
Domestic net operating loss carryforwards	$	15,627,000	$	20,598,000
Foreign net operating loss carryforwards		800,000		802,000
Deferred revenue		-		—
Federal and state tax credit		297,000		297,000
Stock-based compensation		682,000		803,000
Capitalized costs		1,232,000		1,164,000
Other, net		2,129,000		1,581,000
Total gross deferred tax assets		20,767,000		25,245,000
Less valuation allowance on deferred tax assets		(20,767,000)		(25,245,000)
Net deferred taxes		—		—
Deferred tax liabilities:
Plant and equipment, principally accelerated depreciation		—		—

Total deferred tax liabilities		—		—
Net deferred taxes	$	—	$	—