Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.3.1.900
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision
The income tax benefits attributable to our loss before income taxes consisted of the following (in thousands):
 
 
Year Ended December 31,
 
 
2015
 
2014
Current:
Federal
$
(631
)
 
$
(3,436
)
 
State
(62
)
 
379

 
 
(693
)
 
(3,057
)
Deferred:
Federal
600

 
7,925

 
State
12

 
1,119

 
Increase in valuation allowance
(261
)
 
(6,975
)
 
 
351

 
2,069

 
 
$
(342
)

$
(988
)
Schedule of effective income tax rate reconciliation
A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows (in thousands):
 
Year Ended December 31,
 
2015
 
2014
 
Percent
 
Amount
 
Percent
 
Amount
Federal income tax benefit at U.S. statutory rate
34.0
 %
 
$
(564
)
 
35.0
 %
 
$
(7,641
)
State taxes, net of federal benefit
7.8
 %
 
(129
)
 
2.6
 %
 
(570
)
Change in valuation allowance
(15.7
)%
 
261

 
(31.9
)%
 
6,975

Permanent differences
(7.3
)%
 
121

 
(0.4
)%
 
92

Credits
5.5
 %
 
(91
)
 
—

 
—

Adjustments to beginning deferred balances
(3.7
)%
 
60

 
(0.2
)%
 
42

Other
—
 %
 
—

 
(0.6
)%
 
114

 
20.6
 %
 
$
(342
)
 
4.5
 %
 
$
(988
)
Schedule of deferred tax assets and liabilities
Our deferred tax assets (liabilities) consisted of the following (in thousands):
 
December 31,
 
2015
 
2014
Deferred tax assets:
 
 
 
Deferred compensation
$
230

 
$
238

Depreciation of fixed assets
52

 
91

Intangible assets and amortization
7,284

 
7,249

Net operating loss carry-forwards
1,384

 
—

Accrued expenses
441

 
642

Allowance for doubtful accounts
47

 
199

Other
134

 
29

Valuation allowance
(7,236
)
 
(6,975
)
 
2,336

 
1,473

Deferred tax liabilities:
 

 
 

Depreciation of fixed assets
(772
)
 
(455
)
Amortization of indefinite lived intangibles
(1,276
)
 
(926
)
Prepaid expenses
(1,085
)
 
(772
)
Effect of state taxes on future federal returns
(391
)
 
(200
)
Other
(88
)
 
(46
)
  
(3,612
)
 
(2,399
)
 
$
(1,276
)

$
(926
)