17. Income Taxes (Tables)

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income tax benefit (expense)

Our income tax expense consisted of the following:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Current:
Federal	$	(37,620	)	$	(1,395	)	$	(122,863	)	$	(152,759	)
State		(36,102	)		(20,804	)		(148,656	)		(146,033	)
Deferred:
Federal		(614,681	)		-			(2,507,231	)		-
State		-			-			-			-
	$	(688,403	)	$	(22,199	)	$	(2,778,750	)	$	(298,792	)

Deferred tax assets and deferred tax liabilities

The following table shows significant components of our deferred tax assets and liabilities:

	September 30,			December 31,
	2015			2014
Deferred tax assets:
Net operating loss and capital loss carryforwards	$	8,221,505		$	10,067,144
Start-up costs (Nixon Facility)		1,545,033			1,648,036
Asset retirement obligations liability/deferred revenue		859,819			869,821
AMT credit and other		236,389			85,467
Total deferred tax assets		10,862,746			12,670,468
Deferred tax liabilities:
Fair market value adjustments		(46,116	)		(46,116	)
Unrealized hedges		(45,271	)		(168,606	)
Basis differences in property and equipment		(5,220,754	)		(4,425,318	)
Total deferred tax liabilities		(5,312,141	)		(4,640,040	)
Deferred tax assets, net		5,550,605			8,030,428
Valuation allowance		(2,270,322	)		(2,270,322	)
	$	3,280,283		$	5,760,106

Current and noncurrent deferred tax assets (liabilities)

The following table shows our current and noncurrent deferred tax assets (liabilities):

	September 30,			December 31,
	2015			2014
Current deferred tax liabilities	$	5,162,781		$	(168,236	)
Noncurrent deferred tax assets, net		387,824			8,198,664
Deferred tax assets, net		5,550,605			8,030,428
Valuation allowance		(2,270,322	)		(2,270,322	)
	$	3,280,283		$	5,760,106