Annual report pursuant to section 13 and 15(d)

9. PROVISION FOR INCOME TAXES (Tables)

v2.4.0.8
9. PROVISION FOR INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Income tax rate reconciliation
       
    2013     2012  
                                                           Net operating loss carryforwards                                34.0%          34.0%  
    State taxes, net of federal benefit     5.5 %       6.3 %  
    Federal research and development tax credit     0.2 %       0.0 %  
    Other      (0.5)%       0.0 %
    Change in deferred tax asset valuation allowance     (39.2) %       (40.3) %  
Effective income tax rate     0.0%            0.0%  
                 
Schedule of deferred tax assets
       
    2013     2012  
Net operating loss carryforwards   $ 1,781,334     $ 1,064,457  
Tax credit carryforwards     12,499       -  
Non-qualified stock options     857,613       -  
Other temporary differences     164,379       21,786  
Gross deferred tax assets     2,815,825       1,086,243  
Valuation allowance     (2,815,825)       (1,086,243
                 
Net deferred tax assets   $ -     $ -