Annual report pursuant to Section 13 and 15(d)

10. INCOME TAXES (Tables)

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10. INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of reconciliation of income taxes
    Year Ended December 31,    
    2014     2013
Benefit at US Federal statutory rate   $ (5,904,062)     $ (5,279,264)    
State taxes - deferred     879,793       (901,800)    
Increase in valuation allowance     5,147,244       6,850,118    
Research and development credits     (551,863)       (599,003)    
Sale of state net operating loss     (551,724)       -    
Other     428,888       (70,051)    
Benefit for income taxes   $ (551,724)     $ -    

Schedule of deferred tax asset
    Year Ended December 31,  
    2014     2013  
Federal and state net operating loss carryforwards   $ 21,004,587     $ 16,791,893  
Federal and state research credits     3,649,268       2,846,245  
Accrued expenses and other     884,472       752,945  
Total gross deferred tax assets     25,538,327       20,391,083  
Less: valuation allowance for deferred tax assets     (25,538,327)       (20,391,083)  
Net deferred tax assets   $ -     $ -