Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Deferred Tax Liabilities

Significant items making up the deferred tax assets and deferred tax liabilities as of December 31, 2015 and December 31, 2014 are as follows:

 

    2015     2014  
Current deferred taxes                
Inventories   $ 19,640     $ 19,640  
Other accruals     23,714       21,818  
Less: valuation allowance     (43,354 )     (41,458 )
Total current deferred tax assets   $ -     $ -  
Long term deferred taxes:                
Accelerated tax depreciation   $ 14,134     $ 12,162  
Non-cash, stock-based compensation, nonqualified     562,426       440,614  
Goodwill and intangibles     -       -  
Operating loss carry forwards and tax credits     12,028,900       9,720,260  
Less: valuation allowance     (12,605,460 )     (10,173,036 )
Total long term deferred tax assets (liabilities), net     -       -  
Total net deferred tax liabilities   $ -     $ -  

Schedule of Effective Income Tax (Benefit) Provision Rate

Our effective income tax (benefit) provision rate was different than the statutory federal income tax (benefit) provision rate as follows for the years ended December 31:

 

    2015     2014  
Federal tax provision rate     34 %     34 %
Permanent differences     (12 )%     (2 )%
State tax expense     0 %     0 %
Refundable AMT and R&D tax credit     0 %     0 %
Net operating loss carry back     0 %     0 %
Valuation allowance     (23 )%     (32 )%
Effective income tax provision     0 %     0 %