Income taxes

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Income taxes [Text Block]

13. Income taxes

Significant components of deferred tax assets were as follows as of December 31:

Deferred Tax Assets	2011			2010
U.S. federal tax loss carry-forward	$	5,858		$	4,166
U.S. State tax loss carry-forward		74			—
Foreign tax loss carry-forward		15,968			15,394
U.S. federal capital loss carry-forward		671			733
Equity-based compensation, fixed assets and other		104			3,295
Total		22,675			23,588
Less: valuation Allowance		(22,675	)		(23,588	)
Net deferred tax asset	$	—		$	—

As of December 31, 2011, the Company had the following tax attributes:

	Amount		Begins to expire
U.S. federal tax loss carry-forward	$	17,303		Fiscal 2023
U.S. State tax loss carry-forward		891		Fiscal 2031
Foreign tax loss carry-forward		417		Fiscal 2017
U.S. federal capital loss carry-forward		76,457		Indefinite

As it is not more likely than not that the resulting deferred tax benefits will be realized, a full valuation allowance has been recognized for such deferred tax assets. Federal and state laws impose substantial restrictions on the utilization of tax attributes in the event of an “ownership change,” as defined in Section 382 of the Internal Revenue Code. Currently, the Company does not expect the utilization of tax attributes in the near term to be materially affected as no significant limitations are expected to be placed on these tax attributes as a result of previous ownership changes. If an ownership change is deemed to have occurred as a result of equity ownership changes or offerings, potential near term utilization of these assets could be reduced.

The provision for income tax differs from the amount computed by applying the statutory federal income tax rate to income before the provision for income taxes. The sources and tax effects of the differences are as follows for the year ended December 31:

	2011			2010
Income taxes at the federal statutory rates		(35	)%		(35	)%
Foreign rate differential		45			6
Change in valuation allowance		(12	)		26
Effective rate of income tax		(2	)%		(3	)%

There was an income tax benefit of $198 and $336 recorded in the years ended December 31, 2011 and 2010, respectively, both of which are comprised of current taxes.

The Company files income tax returns in the U.S. federal jurisdiction, New York State and various foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2008.