10. Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Reconciliation of the statutory federal income tax rates, 34% for the years ended December 31, 2014 and 2013, to the Company’s effective income tax rates follows:

	2014						2013
	($ in thousands)
				Percent of						Percent of
	Amount of tax			Pre-tax Loss			Amount of tax			Pre-tax Loss
Expected tax (credit)	$	(2,214	)		-34.0	%	$	(2,347	)		-34.0	%
State income taxes, net of
federal tax benefits		(260	)		-4.0	%		(277	)		-4.0	%
Decrease in environmental
liability		3			0.0	%		-			-
Increase in valuation allowance		2,471			38.0	%		2,624			38.0	%
	$	-			-		$	-			-

At December 31, 2014, the Company had an operating loss carryforward of approximately $ 60,861,000 which are expiring and will expire at various dates through 2034.

	2014			2013
	($ in thousands)
Deferred tax asset:
Net operating loss carryover	$	23,127		$	20,653
Adjustments to reduce land to net
realizable value		12			12
Expenses capitalized under IRC 263(a)		56			56
Environmental liability		24			27
Valuation allowance		(23,047	)		(20,576	)
		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 2011.