| Schedule of Deferred Tax Assets |
The components of our deferred tax assets are summarized as follows:
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
2013 |
|
2012 |
Deferred tax assets: |
|
|
|
|
|
Net operating loss carryforwards |
$ |
37,191,826 |
|
|
$ |
24,767,569 |
|
R&D credit carryforwards |
7,388,463 |
|
|
6,546,049 |
|
Temporary differences |
4,624,832 |
|
|
2,408,108 |
|
Deferred tax assets before valuation allowance |
49,205,121 |
|
|
33,721,726 |
|
Valuation allowance |
(49,205,121 |
) |
|
(33,721,726 |
) |
Net deferred tax assets |
$ |
— |
|
|
$ |
— |
|
|
| Schedule of NOL and Credit Carryforward Amounts |
The details of our U.S. net operating loss and R&D credit carryforward amounts and expiration dates are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2013 |
Generated |
|
Expiration |
|
U.S. Net
Operating
Loss
Carryforwards
|
|
U.S. R&D
Credit
Carryforwards
|
1998 |
|
2018 |
|
$ |
17,142,781 |
|
|
$ |
1,173,387 |
|
1999 |
|
2019 |
|
— |
|
|
130,359 |
|
2000 |
|
2020 |
|
— |
|
|
71,713 |
|
2001 |
|
2021 |
|
— |
|
|
39,128 |
|
2002 |
|
2022 |
|
1,282,447 |
|
|
5,350 |
|
2003 |
|
2023 |
|
337,714 |
|
|
2,905 |
|
2004 |
|
2024 |
|
1,237,146 |
|
|
22,861 |
|
2005 |
|
2025 |
|
3,246,062 |
|
|
218,332 |
|
2006 |
|
2026 |
|
3,127,238 |
|
|
365,541 |
|
2007 |
|
2027 |
|
2,863,443 |
|
|
342,898 |
|
2008 |
|
2028 |
|
2,826,656 |
|
|
531,539 |
|
2009 |
|
2029 |
|
13,753,769 |
|
|
596,843 |
|
2010 |
|
2030 |
|
5,425,105 |
|
|
1,094,449 |
|
2011 |
|
2031 |
|
1,904,744 |
|
|
1,950,744 |
|
2012 |
|
2032 |
|
28,541,353 |
|
|
468,008 |
|
2013 |
|
2033 |
|
36,840,453 |
|
|
374,406 |
|
Total carryforwards |
|
$ |
118,528,911 |
|
|
$ |
7,388,463 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
Reconciliations between the statutory federal income tax rate and our effective tax rate for continuing operations are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
Benefit at statutory rate |
$ |
(14,517,816 |
) |
|
(34.0 |
)% |
|
$ |
(9,913,450 |
) |
|
(34.0 |
)% |
|
$ |
(8,516,176 |
) |
|
(34.0 |
)% |
Adjustments to valuation allowance |
15,399,021 |
|
|
36.1 |
% |
|
8,604,147 |
|
|
29.5 |
% |
|
— |
|
|
— |
|
Adjustments to R&D credit carryforwards |
(842,414 |
) |
|
(2.0 |
)% |
|
1,064,623 |
|
|
3.7 |
% |
|
— |
|
|
— |
|
Permanent items and other |
(38,791 |
) |
|
(0.1 |
)% |
|
244,680 |
|
|
0.8 |
% |
|
636,033 |
|
|
2.5 |
% |
Benefit per financial statements |
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
|
$ |
(7,880,143 |
) |
|
|
|
|