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]  
Reconciliation of Federal Statutory Income Tax Provision To Company's Actual Provision
A reconciliation of the federal statutory income tax provision to the Company's actual provision for the years ended 2015 and 2014 is as follows:
 
 
 
2015
 
2014
Pre-tax book income
 
$
(2,800,960
)
 
$
(3,870,952
)
Expected tax at 34%
 
(952,326
)
 
(1,316,123
)
 
 
 
 
 
 
Permanent differences:
 
 
 
 
 
Machinery & equipment
 
5,251

 
6,492

 
Other
 
444

 
36

 
 
 
 
 
 
State taxes:
 
 
 
 
 
Current
 
—

 
—

 
Deferred
 
120,931

 
(177,412
)
 
 
 
 
 
 
Other items:
 
 
 
 
 
Federal research and development credits
 
(16,504
)
 
—

 
Change in valuation allowance
 
(120,931
)
 
177,412

 
Deferred tax past year true-up's
 
(47,242
)
 
132

 
 
 
 
 
 
Unbenefited operating losses
 
1,010,377

 
1,309,463

Income tax provision
 
$
—

 
$
—

Schedule of Deferred Tax Assets
The components of net deferred tax assets recognized in the accompanying consolidated balance sheets at 2015 and 2014 are as follows:
 
2015
 
2014
Net operating loss carryforwards
$
6,734,000

 
$
6,356,000

R&D and ITC credit carryforwards
133,000

 
—

Accrued expenses and other
1,297,000

 
1,051,000

Accounts receivable
19,000

 
19,000

Inventory
250,000

 
207,000

Property, plant and equipment
119,000

 
138,000

Deferred tax assets
8,552,000

 
7,771,000

Valuation allowance
(8,552,000
)
 
(7,771,000
)
Deferred tax assets, net
$
—

 
$
—

Schedule of Reconciliation to Income Tax Provision
A reconciliation of the federal statutory income tax provision to the Company's actual provision for the years ended 2015 and 2014 is as follows:
 
 
 
2015
 
2014
Pre-tax book income
 
$
(2,800,960
)
 
$
(3,870,952
)
Expected tax at 34%
 
(952,326
)
 
(1,316,123
)
 
 
 
 
 
 
Permanent differences:
 
 
 
 
 
Machinery & equipment
 
5,251

 
6,492

 
Other
 
444

 
36

 
 
 
 
 
 
State taxes:
 
 
 
 
 
Current
 
—

 
—

 
Deferred
 
120,931

 
(177,412
)
 
 
 
 
 
 
Other items:
 
 
 
 
 
Federal research and development credits
 
(16,504
)
 
—

 
Change in valuation allowance
 
(120,931
)
 
177,412

 
Deferred tax past year true-up's
 
(47,242
)
 
132

 
 
 
 
 
 
Unbenefited operating losses
 
1,010,377

 
1,309,463

Income tax provision
 
$
—

 
$
—