Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

9. Income Taxes:

            Reconciliation of the statutory federal income tax rates, 21% for the years ended December 31, 2021 and 2020, to the Company’s effective income tax rates follows:                        

	2021						2020
	($ in thousands)
				Percent of						Percent of
	Amount of tax			Pre-tax Loss			Amount of tax			Pre-tax Loss
Expected tax credit	$	(297	)		21.0	%	$	(234	)		21.0	%
State income taxes, net of
federal tax benefits		(56	)		4.0	%		(45	)		4.0	%
Decrease in environmental
liability		-			0.0	%		-			0.0	%
Increase (decrease) in valuation
allowance		353			25.0	%		279			25.0	%
	$	-			0.0	%	$	-			0.0	%

At December 31, 2021, the Company had an operating loss carryforward of approximately $69,349,000, the majority of which will expire at various dates through 2040.

	2021			2020
	($ in thousands)
Deferred tax asset:
Net operating loss carryover	$	18,154		$	17,801
Expenses capitalized under IRC 263(a)		37			37
Tax credits (AMT)		57			57
Valuation allowance		(18,248	)		(17,895	)
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 2018.  It is the Company’s policy to classify interest and penalties related to its tax positions in general and administrative expense in the consolidated statements of operations.