Income Taxes (Tables)

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 30,
	2016			2015		2016			2015
Federal – current	$	-		$	-	$	-		$	-
State – current		(220	)		38		(150	)		105
Total current		(220	)		38		(150	)		105
Federal – deferred		-			-		-			-
State - deferred		-			-		-			-
Total deferred		-			-		-			-
Income tax expense (benefit)	$	(220	)	$	38	$	(150	)	$	105

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 September 30,		Nine Months Ended September 30,
	2016	2015	2016	2015
Tax at statutory federal rate	35.0%	35.0%	35.0%	35.0%
State income taxes	(23.6)	2.8	(5.3)	3.0
Permanent differences	-	-	-	-
Other	-	-	-	-
Change in valuation allowance	(35.0)	(35.0)	(35.0)	(35.0)
Effective income tax rate	(23.6)%	2.8%	(5.3)%	3.0%

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:

	September 30, 2016			December 31, 2015
Deferred tax asset	$	36,500,000		$	34,500,000
Valuation allowance		(36,500,000	)		(34,500,000	)
Net deferred tax asset recognized	$	-		$	-

Federal [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		4,200,000
		$	36,800,000

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		1,800,000
		$	11,800,000