TAXES (Tables)

12 Months Ended

Dec. 31, 2017

The provision for taxes is as follows (dollars in thousands):

	Year Ended December 31, 2017		Year Ended December 31, 2016		For the Period March 1, 2015 to December 31. 2015

Current:
Federal	$	-	$	-	$	-
State		38		26		41
	$	38	$	26	$	41
Deferred:
Federal	$	(3,182)	$	-		-
State		-		-	$	-
	$	(3,182)	$	-	$	-

Tax (benefit) expense	$	(3,144)	$	26	$	41

The following is a reconciliation of income taxes computed at the U.S. Federal statuary rate to the provision for income taxes:

	Year Ended December 31, 2017			Year Ended December 31, 2016			For the Period March 1, 2015 to December 31. 2015

Statuary federal income tax rate		35.0	%		35.0	%		35.0	%
State taxes		-0.7	%		7.5	%		16.2	%
Permanent non-deductible expenses		-10.5	%		-6.9	%		-7.4	%
Federal rate change		-654.5	%		0.0	%		0.0	%
AMT credit calculation allowance release		61.6	%		0.0	%		0.0	%
Change of valuation allowance		630.0	%		-35.7	%		-44.4	%

Effective income tax rate		60.9	%		-0.1	%		-0.6	%

The composition of our deferred tax assets and liabilities is as follows (dollars in thousands):

	Year Ended December 31, 2017		Year Ended December 31, 2016

Deferred tax assets:
Pension costs	$	1,008	$	1,801
Stock-based compensation reserves not currently deductible		(147)		(220)
Net operating loss carry forwards		56,462		88,968
Depreciation (including air rights)		1,796		1,685
AMT Credit		-		3,181
Investment in joint venture		254		-
Accrued expenses		220		212

Total deferred tax assets	$	59,593	$	95,627
Valuation allowance		(59,469)		(95,327)
Deferred tax asset after valuation allowance	$	124	$	300

Deferred tax liabilities:
Intangibles	$	(124)	$	(300)
Other		-		-
Total deferred tax liabilities	$	(124)	$	(300)
Net deferred tax assets	$	-	$	-

Current deferred tax assets	$	-	$	-
Long term deferred tax assets		-		-
Total deferred tax assets	$	-	$	-