Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Deferred tax assets and liabilities

The Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:

	December 31,
	2015		2014
Deferred tax assets:
NOL carryforward	$	38,797,762	$	28,704,237
R&E credit carryforward		1,994,478		1,894,478
Share-based compensation		383,153		144,742
Inventory reserve		226,299		334,578
Depreciation		313,714		246,233
Accruals and other		495,640		185,702
Total deferred tax assets		42,211,046		31,509,970
Valuation allowance		(41,554,045)		(31,505,287)
Deferred tax liabilities:
Intangible assets		(657,001)		-
Fixed assets		-		(4,683)
Net deferred tax liability	$	-	$	-

Expected income tax provision (benefit) from applying federal statutory tax rates to the pre-tax loss and actual income tax provision (benefit)

The difference between the Company’s expected income tax provision (benefit) from applying federal statutory tax rates to the pre-tax loss and actual income tax provision (benefit) relates to the effect of the following:

	2015			2014
Federal income tax benefit at statutory rates		35.0	%		34.0	%
State income tax benefit, net of Federal benefit		3.3	%		3.6	%
Change in valuation allowance		(33.1)	%		(51.1)	%
Change in state tax rates and other		(4.5)	%		13.5	%
		0.7	%		0.0	%