Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v2.4.1.9
Income Taxes
 3 Months Ended
Mar. 31, 2015
Income Taxes [Abstract]  
Income Taxes

13. Income Taxes

No provision for federal and state income taxes was required for the three months ended March 31, 2015 and 2014 due to the Company’s operating losses and increased deferred tax asset valuation allowance.  At March 31, 2015 and December 31, 2014, the Company had unused net operating loss carry-forwards of approximately $86,071,000 and $81,619,000, respectively, which expire at various dates through 2035.  Some of this amount may be subject to annual limitations under certain provisions of the Internal Revenue Code related to “changes in ownership.” 

As of March 31, 2015 and December 31, 2014, the deferred tax assets related to the aforementioned carry-forwards have been fully offset by valuation allowances, because significant utilization of such amounts is not presently expected in the foreseeable future. 

Deferred tax assets and valuation allowances consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

December 31,

 

 

2015

2014

 

 

 

 

 

 

Net Operating Loss Carryforwards

 

$
33,568,000 

$
31,831,000 

Stock Compensation Expense

 

 
2,289,000 

 
2,221,000 

Book tax differences on assets and liabilities

 

 
291,000 

 
416,000 

Valuation Allowance

 

 
(36,148,000)

 
(34,468,000)

 

 

 

 

 

 

Net Deferred Tax Assets

 

$

 -

$

 -

 

The Company files income tax returns in the U.S. federal and Maryland state jurisdictions.  Tax years for fiscal 2011 through 2014 are open and potentially subject to examination by the federal and Maryland state taxing authorities.