Significant components of Nuo Therapeutics’ deferred tax assets and liabilities consisted of the following at December 31:

 

		2014			2013
Deferred tax assets:
Stock-based compensation		$	5,942,000		$	5,371,000
Tax credits			3,162,000			2,895,000
Deferred revenue			575,000			861,000
Start-up and organizational costs			276,000			272,000
Tax deductible Goodwill			88,000			112,000
Property and equipment			56,000			240,000
Other			389,000			153,000
Total deferred tax assets			10,488,000			9,904,000
Deferred tax liabilities:
Intangible Assets			(10,325,000)			(12,219,000)
Discount on Note Payable			(13,825,000)			(1,088,000)
Other			(89,000)			(69,000)
Total deferred tax liabilities			(24,239,000)			(13,376,000)
Net deferred tax assets, excluding net operating loss carryforwards			(13,751,000)			(3,472,000)
Net operating loss carryforwards			53,222,000			45,458,000
			39,471,000			41,986,000
Less valuation allowance			(39,559,000)			(42,055,000)
Total deferred tax assets (liabilities)		$	(88,000)		$	(69,000)

The following table presents a reconciliation between the U.S. federal statutory income tax rate and the Company’s effective tax rate:

 

		2014				2013
U.S. Federal statutory income tax			35.0	%			35.0	%
State and local income tax, net of benefits			4.9	%			4.4	%
Fair value of Derivatives			17.1	%			(2.9)	%
Nondeductible guarantee fees			—				(0.9)	%
Impact of changes in rates			(0.2)	%			(12.2)	%
Established/reversed tax deferrals (deferred tax liabilities) not thru provision			(68.8)	%			(5.5)	%
Other			(1.3)	%			—
Valuation allowance for deferred income tax assets			13.2	%			(18.0)	%
Effective income tax rate			(0.1)	%			(0.1)	%