Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The following is a summary of the significant components of the Company’s net deferred income tax assets and liabilities as of December 31, 2014 and 2013:
 
 
Year ended December 31,
2014
2013
Current deferred income tax assets:
Inventory – uniform capitalization
$
13,000
$
41,000
Accrued compensation and other
151,000
18,000
Less valuation allowance
(164,000
)
(59,000
)
$
—
$
—
Non-current deferred income tax assets and (liabilities):
Net operating loss
$
4,886,000
$
3,048,000
Research and development credit
18,000
18,000
Warranty reserve
49,000
38,000
Warrants issued for services
44,000
—
Depreciation and amortization
(54,000
)
—
Stock based compensation
191,000
—
Other
(330,000
)
(188,000
)
Less valuation allowance
(4,804,000
)
(2,916,000
)
Net non-current deferred tax assets
$
—
$
—
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The reconciliation between the statutory income tax rate and the effective tax rate is as follows:
 
 
For the year ended
December 31,
2014
2013
Statutory federal income tax rate
(34
)%
(34
)%
Debt discount
—
20
Other
5
2
Valuation allowance
29
12
—
%
—
%