Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 31, 2017, the Company completed the Debt Recapitalization, see further discussion in Note 6. The Company believes the Debt Recapitalization will result in a gain on debt extinguishment and net taxable income for calendar year 2017. We believe that the Company has available net operating loss (“NOL”) carryforwards to offset our projected taxable income for 2017. The Company expects to complete its analysis of the accounting and income tax ramifications related to the Debt Recapitalization in preparation for filing our Quarterly Report on 10-Q for the three months ended September 30, 2017. The Company has experienced ownership changes within the meaning of Internal Revenue Code Section 382 in previous years that impose limitations on the Company’s NOL carryforwards. It is possible that the Debt Recapitalization will result in another such ownership change, further limiting the Company’s NOLs. The Company will perform an updated Section 382 analysis following the Debt Recapitalization to determine whether additional limitations must be imposed. The Company’s most recently identified ownership change under Section 382 occurred in tax year 2013.