Income Taxes (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Difference in Effective 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, 2017		March 31, 2016
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	1	%	3	%
Change in valuation allowance for deferred tax assets	32	%	37	%
Other	7	%	—	%
Total	—	%	—	%

Components of Deferred Tax Asset

Deferred taxes consisted of the following:



	March 31, 2017			December 31, 2016
Net operating loss carryforwards	29,558,960			27,267,545
Stock-based compensation	2,668,095			3,090,903
Less valuation allowance	(32,227,055		)	(30,358,448		)
Net deferred tax asset	$	—		$	—