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Income Taxes
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
 
The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2017, 2016 and 2015 consist of the following:
 
 
2017
 
2016
 
2015
Current:
 

 
 

 
 

Federal
$

 
$

 
$

 
 
 
 
 
 
Deferred:
 

 
 

 
 

Federal

 

 

 
 
 
 
 
 
Income taxes provision
$

 
$

 
$

 
 
 
 
 
 
Federal statutory rate
(34.0
)%
 
(34.0
)%
 
(34.0
)%
Change in valuation allowance
(224.0
)%
 
34.0
 %
 
33.8
 %
Change in rate
258.0
 %
 
 %
 
 %
Other
 %
 
 %
 
0.2
 %
 
 %
 
 %
 
 %

 
Deferred income taxes at December 31, 2017 and 2016 consisted of the following:
 
 
December 31, 2017
 
December 31, 2016
Asset retirement obligation
$
1,498,336

 
$
2,290,315

Mineral rights and properties, plant, and equipment
891,413

 
839,360

Mining exploration, development, claims, and permit costs
6,247,638

 
10,705,987

Net operating loss carryforward
35,205,356

 
53,021,957

Other
196,041

 
869,666

Valuation allowance
(44,038,784
)
 
(67,727,285
)
Total net deferred tax assets
$

 
$


 
At December 31, 2017, the Company had federal net operating losses of approximately $167.6 million that will begin to expire in 2023 and could be subject to certain limitations under section 382 of the Internal Revenue Code.
 
The Company has provided a valuation allowance at December 31, 2017 and 2016 of $44.0 million and $67.7 million, respectively, for its net deferred tax assets as it cannot conclude it is more likely than not that they will be realized. The valuation allowance changed by $(23.7) million, $4.4 million, and $3.5 million in 2017, 2016, and 2015, respectively.

On December 22, 2017, the President signed into law Public Law No. 115-97, commonly referred to as the Tax Cuts and Jobs Act (TCJA), following its passage by the United States Congress. The TCJA makes significant changes to the U.S. federal income tax laws including among other changes a federal corporate tax rate reduction from 35% to 21% for tax years beginning after December 31, 2017, repeal of the corporate AMT tax system, and immediate expensing of certain types of business assets placed in service after September 27, 2017. Due to the impact of the Company’s full valuation allowance on net deferred tax assets, the TCJA has minimal impact on the Company’s provision for income taxes. Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. As of the date of this filing, we have not completed our accounting for the tax effects of the TCJA. In accordance with SAB 118, we have calculated our best estimate of the impact of the TCJA in our year end income tax provision in accordance with our understanding of the law and guidance available as of the date of this filing and as a result have recorded a provisional amount of $27.3 million as additional income tax expense in the fourth quarter of 2017. The provisional amount related to the remeasurement of certain deferred tax assets and liabilities, based on the rates at which they are expected to reverse in the future, was $27.3 million. The provisional amounts are subject to revisions as we complete our analysis of the TCJA, collect and prepare necessary data, and interpret any additional guidance issued by the U.S. Treasury Department, Internal Revenue Service (“IRS”), FASB, and other standard-setting and regulatory bodies. Any subsequent adjustment to these amounts will be recorded to tax expense in the quarter when the analysis is complete. Our accounting for the tax effects of the TCJA will be completed during the measurement period, which should not extend beyond one year from the enactment date.

As of December 31, 2017 and 2016, the Company did not have any unrecognized tax benefits. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. The Company currently has no federal or state tax examinations in progress nor has it had any federal or state tax examinations since its inception. The Company is subject to U.S. federal and state income tax examination for tax years 2014 and forward.