|
INCOME TAXES
|
9 Months Ended |
|---|---|
|
Sep. 30, 2014
|
|
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES |
At September 30, 2014, the Company had net operating loss carryforwards (NOLs) totaling approximately $22,862,000 expiring through 2029, with a future tax benefit of approximately $7,773,000. At September 30, 2014 and December 31, 2013, $4,128,000 and $5,659,000, respectively, were recorded as a deferred tax asset on the Company's balance sheet. During the nine month period ended September 30, 2014 as a result of income (before taxes) for the period of $4,582,000, $1,621,000 was recorded as income tax expense and the deferred tax asset was reduced by $1,531,000 to $4,128,000. To the extent that the Company has taxable income in the future, it will report income tax expense and such expense attributable to federal income taxes will reduce the deferred tax asset reflected on the accompanying condensed consolidated balance sheets. Management will continue to evaluate the recoverability of the Company’s NOLs and adjust the deferred tax asset accordingly. Utilization of NOLs can be subject to a substantial annual limitation due to ownership change limitations that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended, as well as similar state provisions. |