Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.6.0.2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2016
Income Taxes Tables  
Significant components of the income taxes

      2016     2015  

 

Current

             
   State   $ 170,000     $ 22,000  
   Federal     4,017,000       71,000  
Total Current Tax Expense     4,187,000       93,000  
                 
Deferred                
   State     163,000       (48,000 )
   Federal     4,588,000       (167,000 )
Total Deferred Tax Expense     4,751,000       (215,000 )
                 
Total Income Taxes (Benefit)   $ 8,938,000     $ (122,000 )
                 
                 

Significant components of deferred tax assets
             
    2016     2015  
Deferred tax assets:            
Net operating carryforwards         $ 6,819,000  
Options, warrants and restricted stock units     207,000       419,000  
    207,000     7,238,000  
                 
Valuation allowance           (2,280,000 )
Net deferred tax assets   $ 207,000     $ 4,958,000  
Significant components of federal income tax
    Year Ended
    December 31,
    2016   2015
         
Income tax - statutory rate   34.0%   34.0%
State and local, net   1.03%    1.16% 
Other – Net   0.3%   1.82%
Change in Valuation allowance on deferred tax assets   (7.3)%   (40.06)% 
    28.03%     (3.08)%