Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes Tables

Schedule of effective tax rates reconciliation

The provision for income taxes results in effective tax rates which are different than the federal income tax statutory rate. The nature of the differences for the year ended December 31 were as follows:

	2015			2014
Expected federal income tax benefit	$	(1,200,378	)	$	(1,378,928	)
State income taxes after credits		(233,015	)		(266,684	)
Change in valuation allowance		1,442,900			138,579
Permanent tax differences		-			1,497,622
Other		(9,507	)		10,911
Total provision for income taxes	$	-		$	1 ,500

Schedule of deferred tax assets and liabilities

The components of the net deferred tax assets and liabilities at December 31 consisted of the following:

	2015			2014
Deferred tax assets
Net operating loss carryforwards	$	1,582,317			148,927
Stock-based compensation		61,050			4,060
Total deferred tax assets		1,643,367			152,987
Deferred tax liabilities
Depreciation and amortization		(61,888	)		(14,408	)
Total deferred tax liabilities		(61,888	)		(14,408	)
Valuation allowance		(1,581,479	)		(138,579	)
Net deferred tax assets	$	-			-