Annual report pursuant to Section 13 and 15(d)

7. INCOME TAXES (Tables)

v2.4.1.9
7. INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
    Years Ended December 31,  
    2014     2013     2012  
Statutory rate     35.0 %     35.0 %     35.0 %
Change in valuation allowance     (11.5 )     458.0       125.5  
Convertible debt instruments     –       (297.7 )     –  
Section 382 reduction to loss carryover     (24.2 )     (141.1 )     (169.4 )
State income taxes, net of federal benefit     10.0       (8.2 )     5.5  
Stock compensation     –       (20.9 )     (1.9 )
Change in tax status of PE Op Co.     (1.6 )     –       –  
Fair value adjustments and warrant inducements     31.8       –       –  
Domestic production gross receipts deduction     (2.0 )     –       –  
Non-deductible items     0.6       (27.7 )     3.6  
Other     (1.3 )     2.6       1.7  
Effective rate     36.8 %     0.0 %     0.0 %
Components of deferred income taxes
    December 31,  
    2014     2013  
Deferred tax assets:                
Net operating loss carryforwards   $ 12,385     $ 17,566  
Capital loss carryover     –       844  
Stock-based compensation     781       556  
Enterprise zone credits     –       259  
Other accrued liabilities     483       395  
Convertible debt     669       –  
Fixed assets     –       119  
Inventory     575       –  
Other     217       217  
Total deferred tax assets     15,110       19,956  
                 
Deferred tax liabilities:                
Fixed assets     (24,813 )     –  
Investment in PE Op Co.     –       (11,074 )
Intangibles     (1,134 )     (1,325 )
Derivative instruments     (172 )     (226 )
Other     (278 )     –  
Total deferred tax liabilities     (26,397 )     (12,625 )
             
Valuation allowance     (4,147 )     (8,422 )
Net deferred tax liabilities   $ (15,434 )   $ (1,091 )
                 
Classified in balance sheet as:                
Other current assets   $ 1,606     $ –  
Deferred tax liabilities     (17,040 )     (1,091 )
    $ (15,434 )   $ (1,091 )
Federal Income Tax Note
Jurisdiction   Tax Years
Federal   2011 – 2013
Arizona   2011 – 2013
California   2010 – 2013
Colorado   2010 – 2013
Idaho   2011 – 2013
Oregon   2011 – 2013