Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets
    As of December 31,
    2016   2015
Deferred tax assets:                
Net operating loss carryforwards   $ 66,150,646     $ 60,129,827  
R&D credit carryforwards     9,729,673       9,465,900  
Stock compensation     1,368,458       1,898,394  
Intangibles     1,720,761       1,921,934  
Temporary differences     132,475       801,002  
Deferred tax assets before valuation allowance     79,102,014       74,217,057  
Valuation allowance     (79,102,014 )     (74,217,057 )
Net deferred tax assets   $ —       $ —    

 

Schedule of NOL and Credit Carryforward Amounts
        As of December 31, 2016
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       2,999,083       218,332  
  2006       2026       3,049,735       365,541  
  2007       2027       2,842,078       342,898  
  2008       2028       2,777,503       531,539  
  2009       2029       13,727,950       596,843  
  2010       2030       5,397,680       1,094,449  
  2011       2031       1,875,665       1,950,744  
  2012       2032       28,406,659       468,008  
  2013       2033       37,450,522       681,772  
  2014       2034       34,088,874       816,116  
  2015       2035       25,073,846       492,732  
  2016       2036       15,581,209       358,404  
  Total carryforwards             $ 193,270,891     $ 9,363,081  
Schedule of Effective Income Tax Rate Reconciliation
    Years Ended December 31,
    2016   2015   2014
    Amount   %   Amount   %   Amount   %
Benefit at statutory rate   $ (4,864,851 )     (34.0 )%   $ (9,777,786 )     (34.0 )%   $ (12,147,068 )     (34.0 )%
Adjustments to valuation allowance     4,838,082       33.8 %     9,728,667       33.8 %     12,925,380       36.2 %
Adjustments to R&D credit
   carryforwards
    (239,049 )     (1.6 )%     (612,087 )     (2.1 )%     (340,886 )     (1.0 )%
Disqualified debt interest     188,060       1.3 %     438,007       1.5 %     —         0.0 %
Permanent items and other     77,758       0.5 %     (212,852 )     (0.7 )%     (437,426 )     (1.2 )%
Benefit per financial statements   $ —               $ (436,051 )           $ —