INCOME TAXES

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

INCOME TAXES

Deferred tax assets consist of the following (in thousands):	December 31,
	2014			2013
Net operating loss carry-forwards	$	134,184		$	135,447
Credit carry-forwards		1,065			1,000
Reserves and other		88			85
Total deferred tax assets	$	135,337		$	137,032
Valuation allowance		(135,337	)		(137,032	)
Net deferred tax asset	$	-		$	-

The Federal net operating loss carryforward for tax purposes and state net operating loss carryforward for tax purposes is approximately $364 million and $138 million, respectively, at December 31, 2014, which expire in various amount annually through 2033. The Company's ability to utilize these carryforwards may be severely limited or lost pursuant to Section 382 of the Internal Revenue Code as a result of the change in control of the Company on June 14, 2007. Other limitations may apply as well. The Company has made no determination as to what these limitations may be.

Deferred income taxes reflect the tax consequences on future years of differences between the tax bases of assets and liabilities and their bases for financial reporting purposes. In addition, future tax benefits, such as net operating loss carry-forwards, are recognized to the extent that realization of such benefits is more likely than not. The Company has assessed its ability to realize future tax benefits, and concluded that as a result of the history of losses, it was more likely than not, that such benefits would not be realized. Accordingly, the Company has recorded a full valuation allowance against future tax benefits.

Reconciliation of the statutory Federal income tax rate to its effective tax rate is as follows:

	December 31,
	2014			2013
Income tax benefit at federal statutory rate		35.0	%		35.0	%
State income taxes net of federal benefit		5.8	%		5.8	%
Expiring credits and other		896.8	%		1,746.4	%
Change in valuation allowance		(937.6	)%		(1,787.2	)%
Total		0.0	%		0.0	%