INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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