Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Provision (benefit) for Income Taxes

The Company had a provision (benefit) for income taxes for the years ended December 31, 2014 and 2013 that consisted of the following (in thousands):

	2014		2013
Current:
Foreign	$	—	$	—
Federal		—		—
State		9		5
Total		9		5
Deferred:
Foreign		—		—
Federal		—		(5	)
State		—		(1	)
Total		—		(6	)
Total:
Foreign		—		—
Federal		—		(5	)
State		9		4
Total	$	9	$	(1	)

Net Deferred Tax Assets

The tax effects of temporary differences that gave rise to deferred tax assets at December 31, 2014 and 2013, were as follows (in thousands):

	December 31,
	2014			2013
Deferred tax assets:
Net operating losses	$	42,579		$	28,973
Capital losses		361			4,153
Other asset reserves		—			1
Accrued expenses		18			23
Total deferred tax assets		42,958			33,150
Valuation allowance		(38,166	)		(31,931	)
		4,792			1,219
Deferred tax liabilities:
State deferreds		(4,814	)		(1,219	)
Other investment		22			—
Total deferred tax liabilities		(4,792	)		(1,219	)
Net deferred taxes	$	—		$	—

Reconciliation of Statutory Federal Income Tax Rate to Actual Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate for continuing operations:

	2014			2013
Federal tax (benefit) rate		34.0	%		(34.0	)%
Increase (decrease) in taxes resulting from:
State income taxes		5.8			(5.8	)
Change in valuation allowance		(39.4	)		39.2
Permanent differences		(0.4	)		0.6
Minimum tax		(0.1	)		0.1
		(0.1	)%		0.1	%