Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Summary of the Application of the Income Tax Rate

The Company’s effective income tax rate differs from the amount computed by applying the federal statutory income tax rate to loss before income taxes as follows:



	March 31, 2016		March 31, 2015
Income tax benefit at the federal statutory rate	(34	)%	(34	)%
State income tax benefit, net of federal tax benefit	(6	)%	(6	)%
Change in fair value of warrant liability	3	%	(2	)%
Change in valuation allowance for deferred tax assets	37	%	42	%
Total	—	%	—	%

Components of Deferred Tax Asset

Deferred taxes consisted of the following:



	March 31, 2016			December 31, 2015
Net operating loss carryforwards	$	22,439,204		$	16,302,000
Stock-based compensation	2,690,282			2,191,000
Less valuation allowance	(25,129,486		)	(18,493,000		)
Net deferred tax asset	$	—		$	—