INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets at December 31, 2015 and 2014 are shown below.

	For Years Ended December 31,
	2015		2014
Non-current deferred tax assets:
Net operating loss carry forwards	$	33,413,500	$	30,133,600
Research tax credit		3,459,600		3,267,000
Accrued Expenses		80,000		267,000
Stock based compensation		4,194,500		2,451,000
Total deferred tax assets		41,147,600		36,118,600
Non-current deferred tax liability:
Bonus Section 401 adjustment		(30,400)		(61,000)
Depreciation and amortization		-		-
Total net deferred tax assets		41,117,200		36,057,600
Valuation allowance		(41,117,200)		(36,057,600)
Net deferred tax assets	$	-	$	-

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2015 and 2014 are as follows:

 

	2015					2014
	Amount		Rate			Amount		Rate
Federal tax	$	(3,912,707)		34.0	%	$	2,642,000		34.0	%
State tax		(749,087)		6.5	%		511,000		6.6	%
Interest expense		(653,085)		5.7	%		(11,847,000)		(152.5)	%
R&D credit		(330,928)		2.9	%		(527,000)		(6.8)	%
Other Adjustments		586,206		(5.1)	%		(1,133,000)		(14.6)	%
Valuation allowance		5,059,601		(44.0)	%		10,354,000		133.3	%
Net	$	-		-		$	-		-