10. Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Reconciliation of the statutory federal income tax rates, 34% for the years ended December 31, 2013 and 2012, to the Company’s effective income tax rates follows:

	2013						2012
	($ in thousands)
				Percent of						Percent of
	Amount of tax			Pre-tax Loss			Amount of tax			Pre-tax Loss
Expected tax (credit)	$	(2,347	)		-34.0	%	$	(2,124	)		-34.0	%
State income taxes, net of
federal tax benefits		(277	)		-4.0	%		(250	)		-4.0	%
Expiration of net operating
loss carryovers		-			0.0	%		1,247			20.0	%
Increase in valuation allowance		2,624			38.0	%		1,127			18.0	%
	$	-			-		$	-			-

At December 31, 2013, the Company had an operating loss carryforward of approximately $ 54,349,000 which are expiring and will expire at various dates through 2033.

	2013			2012
	($ in thousands)
Deferred tax asset:
Net operating loss carryover	$	20,653		$	18,029
Adjustments to reduce land to net
realizable value		12			12
Expenses capitalized under IRC 263(a)		56			56
Environmental liability		27			27
Valuation allowance		(20,576	)		(17,952	)
		172			172
Deferred tax liability:
Basis difference of land and
improvement inventories		172			172
Net deferred tax asset	$	-		$	-

The Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years before 2010.