Note 7 - Income Taxes

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

7—Income

Taxes

We record

ed

no

income tax expense or benefit for either the

three

months ended

March 31, 2019

or

2018

. We recorded a valuation allowance for our net deferred tax asset at

December 31, 2016.

We recorded this valuation allowance at this date after an evaluation of all available evidence (including our history of net operating losses) that led to a conclusion that based upon the more-likely-than-

not

standard of the accounting literature, these deferred tax assets were unrecoverable.

The valuation allowance was

$84.1

 million as of 

December 31, 2018

, which resulted in a net non-current deferred tax asset of

$0.8

 million appearing on our statement of financial position. The net

$0.8

million deferred tax asset relates to Alternative Minimum Tax (“AMT”) credits, which are expected to be fully refundable in tax years

2018

-

2021

regardless of the Company's regular tax liability. Considering the Company’s taxable income forecasts, our assessment of the realization of our deferred tax assets has

not

changed, and we continue to maintain a full valuation allowance for our net deferred tax assets as of

March 31, 2019

aside from the deferred tax asset related to the AMT credits.

As of

March 31, 2019

, we have

no

unrecognized tax benefits. There were

no

significant changes to the calculation since

December 31, 2018

.