Income Taxes (Tables)

6 Months Ended

Jun. 30, 2017

Income Taxes [Abstract]

Components of Income Tax Expense (Benefit)

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

(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Federal – current	$	-	$	-	$	-	$	-
State – current		3		35		6		70
Total current		3		35		6		70
Federal – deferred		-		-		-		-
State - deferred		-		-		-		-
Total deferred		-		-		-		-
Income tax expense (benefit)	$	3	$	35	$	6	$	70

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 June 30,		Six Months Ended June 30,
	2017	2016	2017	2016
Tax at statutory federal rate	35.0%	35.0%	35.0%	35.0%
State income taxes	0.3	4.5	0.3%	3.7%
Permanent differences	-	-	-	-
Other	-	-	-	-
Change in valuation allowance	(35.0)	(35.0)	(35.0)%	(35.0)%
Effective income tax rate	0.3%	4.5%	0.3%	3.7%

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 deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:

	June 30, 2017			December 31, 2016
Deferred tax asset	$	37,300,000		$	36,400,000
Valuation allowance		(37,300,000	)		(36,400,000	)
Net deferred tax asset recognized	$	-		$	-

Federal [Member]

Operating Loss Carryforwards [Line Items]

Net Operating Loss Carryforwards

The federal NOL carryforwards as of December 31, 2016 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		4,200,000
2016	2036		2,600,000
		$	39,400,000

State [Member]

Operating Loss Carryforwards [Line Items]

Net Operating Loss Carryforwards

The state NOL carryforwards as of December 31, 2016,are as follows:

Tax Year Originating	Tax Year Expiring	Amount
2011	2031	$	1,800,000
2013	2033		2,700,000
2014	2034		4,200,000
2015	2035		4,100,000
2016	2036		2,800,000
		$	15,600,000