| Income tax expense differs from statutory amounts |
Income tax expense differs from the statutory amounts as follows:
| |
|
2015 |
|
|
2014 |
|
| |
|
|
|
|
|
|
| Income taxes at U.S. statutory rate |
|
$ |
(4,939,000 |
) |
|
$ |
(9,105,000 |
) |
| Current year reserve |
|
|
6,257,000 |
|
|
|
1,254,000 |
|
| Other |
|
|
(1,318,000 |
) |
|
|
7,851,000 |
|
| |
|
|
|
|
|
|
|
|
| Total tax expense |
|
$ |
- |
|
|
$ |
- |
|
|
| Temporary differences that give rise to deferred tax assets |
Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. The temporary differences that give rise to deferred tax assets were as follows:
| |
|
December 31, |
|
| |
|
2015 |
|
|
2014 |
|
| Deferred tax assets |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
68,636,000 |
|
|
$ |
68,263,000 |
|
| General business credit carryforwards |
|
|
2,497,000 |
|
|
|
2,486,000 |
|
| State credits |
|
|
2,055,000 |
|
|
|
2,061,000 |
|
| Property, equipment and goodwill |
|
|
(25,000 |
) |
|
|
- |
|
| Stock options |
|
|
3,678,000 |
|
|
|
542,000 |
|
| Derivatives |
|
|
(92,000 |
) |
|
|
(92,000 |
) |
| Deferred revenue |
|
|
1,669,000 |
|
|
|
92,000 |
|
| Intangible assets |
|
|
595,000 |
|
|
|
464,000 |
|
| Accrued interest |
|
|
253,000 |
|
|
|
253,000 |
|
| Other |
|
|
231,000 |
|
|
|
231,000 |
|
| Gross deferred tax assets |
|
|
79,497,000 |
|
|
|
74,300,000 |
|
| Valuation allowance |
|
|
(79,497,000 |
) |
|
|
(74,300,000 |
) |
| Net deferred taxes |
|
$ |
- |
|
|
$ |
- |
|
|
| Net operating loss carryforwards and general business credits expiration dates |
These carryforwards expire as follows:
| |
|
Net operating |
|
|
General business |
|
| |
|
loss carryforwards
|
|
|
credit carryforwards |
|
| 2016 |
|
$ |
- |
|
|
$ |
- |
|
| 2017 |
|
|
- |
|
|
|
- |
|
| 2018 |
|
|
3,324,000 |
|
|
|
112,000 |
|
| Thereafter |
|
|
206,342,000 |
|
|
|
2,385,000 |
|
| |
|
$ |
209,666,000 |
|
|
$ |
2,497,000 |
|
|