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Note 4 - Income Taxes
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
NOTE
4
– INCOME T
AXES
 
As of
March 31, 2020,
the Company had net operating loss (“NOL”) carryforwards of approximately
$329
million for federal income tax purposes and
$220
million for California state income tax purposes.  Such carryforwards expire in varying amounts through the year
2040.
For federal losses arising in tax years ending after
December 31, 2017,
the NOL carryforwards are allowed indefinitely.  Use of the carryforward amounts is subject to an annual limitation as a result of ownership changes.
 
As of
March 31, 2020,
the Company possessed unrecognized tax benefits totaling approximately
$1.5
million.
None
of these, if recognized, would affect the Company's effective tax rate because the Company has recorded a full valuation allowance against these assets.
 
Because it is more likely than
not
that the Company will
not
realize its net deferred tax assets, it has recorded a full valuation allowance against these assets. Accordingly,
no
deferred tax asset has been reflected in the accompanying condensed consolidated balance sheet.