Income Taxes (Tables)

6 Months Ended

Jun. 30, 2016

Income Taxes [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Federal – current	$	-	$	-	$	-	$	-
State – current		35		37		70		67
Total current		35		37		70		67
Federal – deferred		-		-		-		-
State - deferred		-		-		-		-
Total deferred		-		-		-		-
Income tax expense (benefit)	$	35	$	37	$	70	$	67

Income Tax Reconciliation

A reconciliation of the United States federal statutory rate to the Company's effective income tax rate is as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2016	2015	2016		2015
Tax at statutory federal rate	35.0%	35.0%	35.0%		35.0%
State income taxes	4.5%	3.8%	3.7%		3.3%
Permanent differences	-	-	-		-
Other	-	-	-		-
Change in valuation allowance	(35.0)%	(35.0)%	(35.0)%	)	(35.0)%
Effective income tax rate	4.5%	3.8%	3.7%		3.3%

Alternate Minimum Tax Credit Carryforwards

AMT Credits available which are not subject to expiration are as follows:

	Amount
AMT Credits	$	21,000,000

Calculation of Net Deferred Tax Assets from NOL Carryforwards

The Company has calculated a deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:

	June 30, 2016			December 31, 2015
Deferred tax asset	$	35,900,000		$	34,500,000
Valuation allowance		(35,900,000	)		(34,500,000	)
Net deferred tax asset recognized	$	-		$	-

Federal -IRS [Member]

Operating Loss Carryforwards [Line Items]

Net operating loss carryforwards

The federal NOL carryforwards as of December 31, 2015 are as follows:

Tax Year Originating	Tax Year Expiring	Amount
2006	2026	$	500,000
2007	2027		12,700,000
2008	2028		4,600,000
2009	2029		2,400,000
2010	2030		1,900,000
2011	2031		1,900,000
2013	2033		3,700,000
2014	2034		4,900,000
2015	2035		2,700,000
		$	35,300,000

State [Member]

Operating Loss Carryforwards [Line Items]

Net operating loss carryforwards

The state NOL carryforwards as of December 31, 2015,are as follows:

Tax Year Originating	Tax Year Expiring	Amount
2011	2031	$	1,900,000
2013	2033		3,400,000
2014	2034		4,700,000
2015	2035		2,600,000
		$	12,600,000