Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax provision computed at the statutory tax rate to the Company’s effective tax rate is as follows:

 

    2015     2014  
U.S. federal statutory rate     34.00 %     35.00 %
Warrant liability     3.71 %     (23.70 )%
State & local taxes     5.78 %     5.02 %
Tax on foreign operations     0.36 %     0.20 %
State research and development credits     1.47 %     0.55 %
Other     (3.11 )%     (3.10 )%
Valuation allowance     (42.21 )%     (13.97 )%
Effective tax rate     -       -  
Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets as of December 31, 2015 and 2014 are as follows:

 

    2015     2014  
Deferred tax assets:                
Net operating loss carry forwards   $ 29,092,799     $ 27,935,165  
Research and development credits     1,163,616       1,118,389  
Nonqualified stock option compensation expense     374,769       1,913,673  
Other temporary book - tax differences     258,445       436,178  
Total deferred tax assets     30,889,629       31,403,405  
Valuation allowance for deferred tax assets     (30,889,629 )     (31,403,405 )
Net deferred tax assets   $ -     $ -