Income Tax Provision (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

There was no income tax expense or benefit for the years ended December 31, 2015 and 2014. The following table summarizes our income tax expense for the years ended December 31, 2016, 2015 and 2014:

	For the Years Ended December 31,
	2016
Current income tax expense:
Current income tax expense	$	-
Current income tax expense on dispositions		4,593,000
Deferred income tax expense:
Deferred income tax expense (benefit)		366,000
Total income tax expense	$	4,959,000

Schedule of Reconciled to Provision for Income Taxes

For the year ended December 31, 2016, income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes for the Greens Holdco are reconciled to the provision for income taxes set forth in the consolidated statements of operations as follows:

	As of December 31,
	2016
Expected tax expense at U.S. Federal statutory rate of 35%	$	4,684,431
State income taxes, net of federal income tax effect		733,038
Impact of changes in valuation allowances		(535,641	)
Other		77,172
Provision for income taxes	$	4,959,000

Summary of Deferred Tax Assets and Liabilities

The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:

	December 31, 2016
Deferred tax assets (liabilities):
Depreciation and amortization	$	(322,178	)
Prepaid expenses		(50,935	)
Accruals and reserves		7,113
Gross deferred tax liabilities		(366,000	)
Valuation allowance		-
Net deferred tax liabilities	$	(366,000	)