Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

The benefit from income taxes on continuing operations for the years ended December 31, 2017 and 2016 is comprised of the following:

 

    2017     2016  
Current:                
Federal   $ (382 )   $ (154 )
State     (13 )     (8 )
Total current     (395 )     (162 )
                 
Deferred:                
Federal     -       -  
State     -       -  
Total deferred     -       -  
Benefit from income taxes   $ (395 )   $ (162 )

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company’s deferred tax assets and (liabilities) as of December 31, 2017 and 2016 are as follows:

 

    2017     2016  
Deferred tax assets included in other current assets                
Allowances and reserves   $ 7,539     $ 9,715  
Compensation     693       1,292  
Valuation allowance on deferred tax assets     (8,232 )     (11,007 )
      -       -  
Noncurrent deferred tax assets (liabilities) included in other long-term assets:                
State net operating loss carryforwards     4,762       7,338  
Federal net operating loss carryforwards     31,943       51,685  
Credit carryforward     239       250  
State taxes     1,124       1,124  
Property, plant and equipment     637       1,464  
Intangible assets     (4,865 )     (8,411 )
Other reserves - restructuring     5       19  
Deferred revenue     88       4  
Valuation allowance on deferred tax assets     (33,933 )     (53,473 )
      -       -  
Noncurrent deferred tax liabilities, net   $ -     $ -  

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the difference between the federal statutory tax rates and the Company’s effective tax rate from continuing operations is as follows:

 

    2017     2016  
Federal statutory rate     34.0 %     34.0 %
State income tax rate, net of Federal tax benefit     2.2 %     6.0 %
Meals and entertainment     (0.3 %)     (0.3 %)
Contingent consideration     8.6 %     42.4 %
Tax reform change     (174.7 %)     -  
Valuation allowance     141.7 %     (78.8 %)
Gain/Loss on extinguishment of debt     (11.6 %)     -  
Other non-deductible     0.0 %     (3.3 %)
Discontinued operations allocation     3.1 %     1.9 %
Net change in Federal and state reserves     -       -  
Effective tax rate     3.0 %     1.9 %

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the change in uncertain tax benefit reserves for the two years ended December 31, 2017:

 

    Unrecognized
Tax Benefits 		 
       
Balance of unrecognized benefits as of January 1, 2016   $ 1,117  
Additions for tax positions related to the current year     -  
Additions for tax positions of prior years     -  
Reductions for tax positions of prior years     -  
Balance as of December 31, 2016   $ 1,117  
Additions for tax positions related to the current year     -  
Additions for tax positions of prior years     -  
Reductions for tax positions of prior years     -  
Balance as of December 31, 2017   $ 1,117  

Schedule of Tax Years Subject to Examination

The following tax years remain subject to examination as of December 31, 2017:

 

Jurisdiction   Tax Years
Federal   2013 - 2017
State and Local   2012 - 2017