INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Components of net deferred income tax assets

	2014
Deferred tax assets:
Net operating loss carry-forwards	$	4,797,498
Share-based compensation		588,860
Research and development credit carry-forwards		506,325
Gross deferred tax assets		5,892,683
Less valuation allowance		(5,892,683	)
Net deferred tax asset	$	—

Reconciliation of income tax expense (benefit) at the statutory federal income tax rate

Federal income tax expense at statutory rate	(34.0	)%
State income tax, net of federal benefit	—
Permanent differences	0.1
Change in valuation allowance	33.9
Effective income tax rate	—	%