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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Benefit for Income Taxes Differs from Amount Obtained by Applying Federal Statutory Income Tax Rate to Loss before Benefit for Income Taxes

The benefit for income taxes differs from the amount obtained by applying the federal statutory income tax rate to loss before benefit for income taxes for 2014, 2013 and 2012 as follows:

 

     2014     2013     2012  

Tax benefit computed at federal statutory rate

     34.0     34.0     34.0

Increase (decrease) in taxes due to:

      

Change in valuation allowance

     (37.8     (32.8     (36.8

Stock-based compensation

     (4.0     (2.0     (3.0

Fair value of derivative warrant liability

     2.0        (5.0     —     

State taxes, net of federal benefit

     5.8        5.8        5.8   
  

 

 

   

 

 

   

 

 

 
  —     —     —  
  

 

 

   

 

 

   

 

 

Significant Components of Deferred Tax Assets (Liabilities)

The significant components of deferred tax assets (liabilities) at December 31 are as follows:

 

     2014      2013  

Loss carryforwards

   $ 11,490,000       $ 6,910,000   

Depreciation

     1,490,000         1,853,000   

Tax credits

     388,000         103,500   

Inventory

     292,000         288,000   

Other

     280,000         394,000   

Less: valuation allowance

     (13,940,000      (9,548,500
  

 

 

    

 

 

 
$ —      $ —