F - INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income tax expense (benefit) provision

Income tax expense consists of the following:

	Year Ended December 31,
	2014		2013		2012
Federal income tax expense:
Current	$	—	$	19,000	$	—
Deferred		—		—		—
		—		19,000		—
State and local:
Current		—		—		34,000
Deferred		—		—		—
		—		—		34,000
Total:
Current		—		19,000		34,000
Deferred		—		—		—
	$	—	$	19,000	$	34,000

Reconciliation between income tax benefit and income taxes

Reconciliation between the income tax provision and income taxes computed by applying the statutory Federal income tax rate to loss before income taxes is as follows:

	Year Ended December 31,
	2014			2013			2012
Expected income tax benefit at statutory Federal tax rate (34%)	$	(2,229,000	)	$	(2,004,000	)	$	(47,000	)
State and local taxes, net of Federal tax effect		(459,000	)		(413,000	)		22,000
Increase in valuation allowance		2,551000			2,342,000			—
Permanent difference		39,000			46,000			36,000
Other		98,000			48,000			23,000
Income tax expense	$	0		$	19,000		$	34,000

Deferred tax assets (liabilities)

The principal items giving rise to deferred tax assets (liabilities) are as follows:

	December 31,
	2014			2013
Deferred tax assets:
Net operating loss credit carryforwards	$	8,046,000		$	4,670,000
Alternative minimum tax carryforward		9,000			15,000
Employee stock based compensation		237,000			237,000
Retail brokerage accounts		211,000			281,000
Contribution carryover		223,000			347,000
Furniture, equipment and leasehold improvements		115,000			96,000
Accrued expenses		337,000			83,000
Investment in affiliate (a)		736,000			1,001,000
Accrued compensation and other		—			44,000
Capital loss carryforwards		24,000			—
Other		30,000			—
Total		9,968,000			6,774,000
Valuation allowance		(9,218,000	)		(6,774,000	)
Net deferred tax assets		750,000			—
Deferred tax liability:
Receivable from affiliate (b)		(750,000	)		—
	$	0		$	0