XML 31 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
INCOME TAXES
 3 Months Ended
Mar. 31, 2016
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Income tax expense (benefit) attributable to income from continuing operations differed from the amounts computed by applying the U.S. federal income tax of 34% to pretax income from continuing operations as a result of the following for the estimated fiscal years 2016 and 2015: 
 
 
2016
 
2015
Statutory tax on book  income
 
$
(477,000
)
 
$
(5,852,000
)
Permanent differences
 
571,000

 
(3,428,000
)
Net operating loss utilization
 
—

 
—

Change in valuation allowance
 
(211,000
)
 
15,109,000

Other
 
(646
)
 
(523,000
)
Income tax expense (benefit)
 
$
(117,646
)
 
$
5,306,000