| Income tax expense differs from statutory amounts |
Income tax expense differs from the statutory amounts as follows:
|
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
Income taxes at U.S. statutory rate |
|
$ |
(7,437,000 |
) |
|
$ |
(4,939,000 |
) |
Current year reserve |
|
|
7,423,000 |
|
|
|
6,257,000 |
|
Other |
|
|
14,000 |
|
|
|
(1,318,000 |
) |
| |
|
|
|
|
|
|
|
|
Total tax expense |
|
$ |
- |
|
|
$ |
- |
|
|
| Temporary differences that give rise to deferred tax assets (liabilities) |
The temporary differences that give rise to deferred tax assets and liabilities were as follows:
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
Deferred tax assets (liabilities) |
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
73,864,000 |
|
|
$ |
68,636,000 |
|
General business credit carryforwards |
|
|
2,557,000 |
|
|
|
2,497,000 |
|
State credits |
|
|
3,089,000 |
|
|
|
2,055,000 |
|
Property, equipment and goodwill |
|
|
(23,000 |
) |
|
|
(25,000 |
) |
Stock options |
|
|
6,450,000 |
|
|
|
3,678,000 |
|
Derivatives |
|
|
(92,000 |
) |
|
|
(92,000 |
) |
Deferred revenue |
|
|
1,464,000 |
|
|
|
1,669,000 |
|
Intangible assets |
|
|
228,000 |
|
|
|
595,000 |
|
Accrued interest |
|
|
253,000 |
|
|
|
253,000 |
|
Other |
|
|
231,000 |
|
|
|
231,000 |
|
Gross deferred tax assets |
|
|
88,021,000 |
|
|
|
79,497,000 |
|
Valuation allowance |
|
|
(88,021,000 |
) |
|
|
(79,497,000 |
) |
Net deferred taxes |
|
$ |
- |
|
|
$ |
- |
|
|
| Net operating loss carryforwards and general business credits expiration dates |
These carryforwards expire as follows:
|
|
Net operating loss carryforwards
|
|
|
General business credit carryforwards
|
|
2017 |
|
$ |
- |
|
|
$ |
- |
|
2018 |
|
|
3,324,000 |
|
|
|
112,000 |
|
2019 |
|
|
3,306,000 |
|
|
|
95,000 |
|
Thereafter |
|
|
210,616,000 |
|
|
|
2,350,000 |
|
|
|
$ |
217,246,000 |
|
|
$ |
2,557,000 |
|
|