Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Taxes [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

(in thousands)	Three Months Ended March 31,
	2016		2015
Federal – current	$	-	$	-
State – current		35		30
Total current		35		30
Federal – deferred		-		-
State – deferred		-		-
Total deferred		-		-
Income tax expense (benefit)	$	35	$	30

Income Tax Reconciliation

A reconciliation of the United States federal statutory rate to the Company's effective income tax rate is as follows:

	Three Months Ended March 31,
	2016		2015
Tax at statutory federal rate	35.0	%	35.0	%
State income taxes	(3.0)		(2.8)
Permanent differences, tax credits and other adjustments	–		–
Other	–		–
Change in valuation allowance	(35.0)		(35.0)
Effective income tax rate	(3.0)	%	(2.8)	%

Alternate Minimum Tax Credit Carryforwards

AMT Credits available which are not subject to expiration are as follows:

	Amount
AMT Credits	$	21,000,000

Calculation of Net Deferred Tax Assets from NOL Carryforwards

The Company has calculated a net deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:

	March 31, 2016			December 31, 2015
Deferred tax asset	$	35,600,000		$	34,500,000
Valuation allowance		(35,600,000	)		(34,500,000	)
Net deferred tax asset recognized	$	-		$	-

Federal -IRS [Member]

Operating Loss Carryforwards [Line Items]

Net operating loss carryforwards

The federal NOL carryforwards as of December 31, 2015 are as follows:

Tax Year Originating	Tax Year Expiring	Amount
2006	2026	$	500,000
2007	2027		12,700,000
2008	2028		4,600,000
2009	2029		2,400,000
2010	2030		1,900,000
2011	2031		1,900,000
2013	2033		3,700,000
2014	2034		4,900,000
2015	2035		2,700,000
		$	35,300,000

State [Member]

Operating Loss Carryforwards [Line Items]

Net operating loss carryforwards

The state NOL carryforwards as of December 31, 2015,are as follows:

Tax Year Originating	Tax Year Expiring	Amount
2011	2031	$	1,900,000
2013	2033		3,400,000
2014	2034		4,700,000
2015	2035		2,600,000
		$	12,600,000