Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Income Tax Disclosure [Abstract] |
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Income tax reconciliation |
Income tax benefit reconciled to tax calculated at statutory rates is as follows: | | 2017 | | 2016 | | Federal tax (benefit) on consolidated net loss at statutory rate | | $ | (855,136) | | $ | (2,734,067) | | Change in valuation allowance | | | (3,419,114) | | | 38,090 | | Add back tax benefit on loss attributable to non-controlling interest in subsidiary | | | –– | | | 396,415 | | Book loss related to joint venture deconsolidation | | | –– | | | 900,910 | | Basis limited on joint venture loss | | | –– | | | 429,450 | | Basis difference related to investment in joint venture | | | (110,114) | | | 705,500 | | Return to provision | | | (1,037,754) | | | –– | | Discrete due to joint venture deconsolidation | | | –– | | | 245,854 | | Federal rate change true-up | | | 5,421,298 | | | –– | | Other | | | 820 | | | 17,848 | | Benefit for income taxes, net | | $ | –– | | $ | –– | |
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Deferred taxes |
At December 31, 2017 and 2016, the components of the Company’s deferred taxes are as follows: | | 2017 | | 2016 | | Deferred tax assets (liabilities) | | | | | | | | Net operating loss carryforwards | | $ | 8,162,123 | | $ | 11,956,967 | | Accrued compensation | | | 31,844 | | | 35,249 | | Depreciation | | | 42,688 | | | 46,975 | | Section 263a inventory adjustment | | | 29,171 | | | 43,787 | | Stock-based compensation | | | 688,148 | | | 765,928 | | Outside basis difference in joint venture | | | (224,725) | | | (705,500) | | Other | | | 28,232 | | | 33,189 | | Total | | | 8,757,481 | | | 12,176,595 | | Less: Valuation allowance | | | (8,757,481) | | | (12,176,595) | | Net deferred tax asset | | $ | –– | | $ | –– | |
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Operating loss tax carryforwards |
The Company has the following net operating loss tax carryforwards available at December 31, 2017: Year of Expiration | | Net Operating Losses | | 2018 | | $ | 1,425,000 | | 2019 | | | 1,234,000 | | 2020 | | | 2,849,000 | | 2021 | | | 4,168,000 | | 2023 | | | 1,217,000 | | 2024 | | | 646,000 | | 2025 | | | 589,000 | | 2026 | | | 873,000 | | 2027 | | | 2,607,000 | | 2028 | | | 2,512,000 | | 2029 | | | 2,196,000 | | 2030 | | | 1,232,000 | | 2031 | | | 1,028,000 | | 2032 | | | 437,000 | | 2033 | | | 37,000 | | 2034 | | | 6,409,000 | | 2035 | | | 3,093,000 | | 2036 | | | 4,995,000 | | 2037 | | | 1,320,000 | | Total | | $ | 38,867,000 | |
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