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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

  

$

 

$