Income Taxes (Tables)

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 30,
	2017		2016			2017		2016
Federal – current	$	-	$	-		$	-	$	-
State – current		-		(220	)		6		(150	)
Total current		-		(220	)		6		(150	)
Federal – deferred		-		-			-		-
State - deferred		-		-			-		-
Total deferred		-		-			-		-
Income tax expense (benefit)	$	-	$	(220	)	$	6	$	(150	)

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 September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Tax at statutory federal rate		35.0	%		35.0	%		35.0	%		35.0	%
State income taxes		-			(23.6	)		-			(5.3	)
Permanent differences		-			-			-			-
Other		-			-			-			-
Change in valuation allowance		(35.0	)		(35.0	)		(35.0	)		(35.0	)
Effective income tax rate		-	%		(23.6	)%		-	%		(5.3	)%

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:

	September 30, 2017			December 31, 2016
Deferred tax asset	$	63,300,000		$	36,400,000
Valuation allowance		(63,300,000	)		(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		3,400,000
		$	40,200,000

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		3,200,000
		$	16,000,000