10. INCOME TAXES
|12 Months Ended|
Dec. 31, 2015
|Income Tax Disclosure [Abstract]|
|10. INCOME TAXES||
A reconciliation of income taxes at the U.S. Federal statutory rate to the benefit for income taxes is as follows:
A summary of the Companys deferred tax assets is as follows:
As of December 31, 2015, the Company had Federal and state net operating loss carryforwards of approximately $72.5 million and $46.0 million, respectively. The Company also had Federal and state research and development tax credit carryforwards of approximately $3.7 million and $0.6 million, respectively. The net operating loss carryforwards and tax credits will expire at various dates beginning in 2027 if not utilized.
The Company received $551,724 in December 2014 from the sale of net operating loss and research and development credit carryforwards under the New Jersey Economic Development Authority Technology Business Tax Certificate Transfer Program. These amounts are recorded on the consolidated financial statements as income tax benefits in the year they are received. The Company did not qualify for this program in 201, as such, the Company cannot make assurances that it will qualify for the program or that the program will exist in future years.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef