|12 Months Ended|
Dec. 31, 2015
|Income Tax Disclosure [Abstract]|
NOTE 8 INCOME TAXES
The components of the provision (benefit) for income taxes, in the consolidated statements of operations are as follows (in thousands):
A reconciliation of the statutory federal income tax expense (benefit) to the effective tax is as follows (in thousands):
The components of permanent and other differences are as follows (in thousands):
The tax effects of the primary temporary differences between values recorded for assets and liabilities for financial reporting purposes and values utilized for measurement in accordance with tax laws giving rise to our deferred tax assets are as follows (in thousands):
A valuation allowance for all of our net deferred tax assets has been provided as we are unable to determine, at this time, that the generation of future taxable income against which the net operating loss (NOL) carryforwards could be used can be predicted to be more likely than not. The net change in the valuation allowance for Fiscal 2015, 2014 and 2013 was $1.6 million, $2.7 million and $266,000, respectively. Certain exercises of options and warrants, and restricted stock issued for services that became unrestricted resulted in reductions to taxes currently payable and a corresponding increase to additional-paid-in-capital for prior years. In addition, certain tax benefits for option and warrant exercises totaling $6.6 million are deferred and will be credited to additional-paid-in-capital when the NOLs attributable to these exercises are utilized. As a result, these NOLs will not be available to offset income tax expense. The net operating loss carry-forwards currently approximate $44.5 million for federal purposes will expire beginning in Fiscal 2020 through 2034. Additionally, there are net operating loss carry-forwards of $21.9 million for state purposes that will expire beginning in Fiscal 2020 through 2034.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef