TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for taxes is as follows (dollars in thousands):

			March 1, 2015
	Year Ended December		through December
	31, 2016		31, 2015
Current:
Federal	$	-	$	-
State		26		41
	$	26	$	41
Deferred:
Federal	$	-	$	-
State		-		-
	$	-	$	-
Provision for taxes	$	26	$	41

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income taxes computed as the U.S. Federal statuary rate to the provision for income taxes:

				March 1, 2015
	Year Ended December			through December
	31, 2016			31, 2015
Statuary Federal income tax rate		35.0	%		35.0	%
State taxes		7.5	%		16.2	%
Non-taxable bargain purchase gain		-6.9	%		-7.4	%
Change of valuation allowance		-35.7	%		-44.4	%
Effective income tax rate		-0.1	%		-0.6	%

Schedule of Deferred Tax Assets and Liabilities

The composition of our deferred tax assets and liabilities is as follows (dollars in thousands):

	Year Ended		March 1, 2015
	December		through December
	31, 2016		31, 2015
Deferred tax assets:
Pension costs	$	1,801	$	2,589
Stock-based compensation reserves not currently deductible		(220)		71
Net operating loss carry forwards		88,968		83,486
Depreciation (including air rights)		1,685		2,058
AMT Credit		3,181		3,181
Accrued expenses		212		42
Total deferred tax assets	$	95,627	$	91,427
Valuation allowance		(95,327)		(91,277)
Deferred tax asset after valuation allowance	$	300	$	150
Deferred tax liabilities:
Intangibles	$	(300)	$	(150)
Other		-		-
Total deferred tax liabilities	$	(300)	$	(150)
Net deferred tax assets	$	-	$	-
Current deferred tax assets	$	-	$	-
Long term deferred tax assets		-		-
Total deferred tax assets	$	-	$	-