INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES

Schedule of Components of Income Tax Expense (Benefit)

The Company’s total provision (benefit) from income taxes consists of the following for the years ended December 31, 2013 and 2012:

(in thousands)	2013		2012
Current income tax provision (benefit):
Federal	$	20	$	-
State		-		-
Total		20		-
Deferred income tax provision (benefit):
Federal		635		(1,486)
State		(221)		(35)
Total		414		(1,522)
Change in valuation allowance		(414)		1,522
Tax provision (benefit) from continuing operations		20		(36)
Tax provision from discontinued operation		38		36
Total provision (benefit) for income taxes	$	58	$	-

Schedule of Effective Income Tax Rate Reconciliation

	As of December 31,
(in thousands)	2013			2012
US Federal statutory rate		35.0	%		(34.0)	%
State taxes, net of Federal benefit		1.0	%		(0.9)	%
Non-deductible expenses		245.9	%		17.7	%
Change in valuation allowance		(300.4)	%		100.7	%
Change in tax rates and other		34.6	%		(85.7)	%
Total income tax provision (benefit)		16.1	%		(2.2)	%

Schedule of Deferred Tax Assets and Liabilities

The Company's deferred income tax assets and liabilities consisted of the following:

	As of December 31,
(in thousands)	2013		2012
Deferred tax assets:
Accruals and advances	$	1,160	$	383
Net operating loss carryforward		16,409		11,271
Other		418		193
Total deferred tax assets		17,987		11,847
Deferred tax liabilities:
Depreciation		(220)		(236)
Intangible assets		(526)		-
Other		(374)		(52)
Total deferred tax liabilities		(1,120)		(288)
Valuation allowance		(16,867)		(11,559)
Total deferred tax asset (liability), net	$	-	$	-