Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of net loss before tax provision

Net loss before tax provision consists of the following:

 

    Year ended     Inception (June 20, 2014)  
    December 31, 2015     to December 31, 2014  
U.S.   $ (12,330,037 )   $ (2,794,793 )
Foreign     -       -  
    $ (12,330,037 )   $ (2,794,793 )
Schedule of components of the provision for income tax expense

The components of the provision for (benefit from) income tax expense consist of the following for the periods indicated:

 

    Year ended     Inception (June 20, 2014)  
    December 31, 2015        December 31, 2014  
Current                
Federal   $ -     $ -  
State     1,600       800  
                 
Deferred                
Federal   $ -     $ (360,060 )
State     -       (61,782 )
Total provision for (benefit from) income taxes   $ 1,600     $ (421,042 )
Schedule of reconciliation of the statutory federal income tax rates

Reconciliation of the statutory federal income tax rates consist of the following for the periods indicated:

 

    Year ended     Inception (June 20, 2014)  
    December 31, 2015     December 31, 2014  
             
Tax at federal statutory rate     34.00 %     34.00 %
State tax, net of federal benefit     5.83       5.81  
Change in derivative liability     (18.66 )     (16.71 )
Valuation allowance     (20.53 )     (5.70 )
Other     (0.65 )     (2.33 )
Effective income tax rate     (0.01 )%     15.07 %
Schedule of components of deferred tax assets

The components of deferred tax assets (liabilities) included on the consolidated balance sheet are as follows: 

 

     December 31, 2015     December 31, 2014  
Deferred tax assets                
Warrants   $ 284,316     $ 284,313  
Start-up costs     1,840,329       276,445  
Net operating losses     770,915       48,562  
Credits     57,826       26,050  
Other     110,932       517  
Total gross deferred tax assets     3,064,318       635,887  
Valuation allowance     (2,682,406 )     (167,618 )
Total gross deferred tax assets                
(net of valuation allowance)   $ 381,912     $ 468,269  
                 
Deferred tax liabilities                
Patents     (381,912 )     (404,266 )
Others     -       (64,003 )
Total gross deferred tax liabilities     (381,912 )     (468,269 )
Net deferred tax assets   $ -     $ -