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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes [Abstract]  
Schedule of Components of Income Tax Provision

 

 

 

 

 

 

 

 

 

 

 

  

Year Ended December 31,

 

  

2014

 

2013

 

2012

Deferred:

  

 

 

 

 

 

 

 

 

Federal

  

$

(894,506)

 

$

(93,078,760)

 

$

4,586,506 

State and local

  

 

(1,582,500)

 

 

(6,128,198)

 

 

493,946 

 

  

 

(2,477,006)

 

 

(99,206,958)

 

 

5,080,452 

Valuation allowance

  

 

2,477,006 

 

 

99,206,958 

 

 

(5,080,452)

 

  

$

—

 

$

—

 

$

—

 

Schedule of Reconciliation of Federal Income Tax Rate

 

 

 

 

 

 

 

 

 

 

 

  

Year Ended December 31,

 

  

2014

 

2013

 

2012

U.S. statutory income tax rate

  

34.0 

% 

 

34.0 

% 

 

34 

% 

State and local taxes, net of federal tax benefit

  

2.4 

% 

 

0.3 

% 

 

5.7 

% 

Permanent differences between book and tax

  

17.1 

% 

 

(26.9)

% 

 

22.1 

% 

Deferred tax adjustments

 

(71.9)

% 

 

(151.7)

% 

 

(8.2)

% 

State rate adjustments

 

(29.2)

% 

 

—

% 

 

—

% 

Valuation allowance

  

47.6 

% 

 

144.3 

% 

 

(53.6)

% 

Effective income tax rate

  

—

% 

 

—

% 

 

—

% 

 

Schedule of Deferred Tax Assets

 

 

 

 

 

 

 

 

  

December 31,

 

  

2014

 

2013

Current accruals

  

$

1,416,823 

 

$

1,998,086 

Depreciation and amortization

  

 

2,302,685 

 

 

2,566,979 

Deferred compensation

  

 

1,589,935 

 

 

5,421,688 

Net operating loss carryovers

  

 

30,246,136 

 

 

28,045,831 

Deferred tax assets

  

 

35,555,579 

 

 

38,032,584 

Valuation allowance

  

 

(35,555,579)

 

 

(38,032,584)

Net deferred tax assets

  

$

—

 

$

—