Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
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
)