Entity information:
NOTE 22. INCOME TAXES
 
The components of the credit for income taxes are as follows:
 
 
 
Years Ended March 31,
 
 
 
2017
 
2016
 
2015
 
Federal
 
 
 
 
 
 
 
 
 
 
Current
 
$
-
 
$
-
 
$
-
 
Deferred
 
 
-
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
State
 
 
 
 
 
 
 
 
 
 
Current
 
 
(2,500)
 
 
(4,048)
 
 
3,249
 
Deferred
 
 
-
 
 
-
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
Benefit from sale of state net operating loss credits
 
 
1,870,114
 
 
524,500
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
Net benefit from sale of state net operating loss credits
 
$
1,867,614
 
$
520,452
 
$
3,249
 
 
The major components of deferred tax assets and liabilities at March 31, 2017, 2016, and 2015 are as follows (amounts in thousands of dollars):
 
 
 
Years Ended March 31,
 
 
 
2017
 
2016
 
2015
 
Federal
 
 
 
 
 
 
 
 
 
 
Net operating loss carry forward
 
$
29,915
 
$
27,033
 
$
24,547
 
Valuation allowance
 
 
(29,915)
 
 
(27,033)
 
 
(24,547)
 
 
 
$
-
 
$
-
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
State
 
 
 
 
 
 
 
 
 
 
Net operating loss carry forward
 
$
1,930
 
$
2,722
 
$
2,602
 
Valuation allowance
 
 
(1,930)
 
 
(2,722)
 
 
(2,602)
 
 
 
$
-
 
$
-
 
$
-
 
 
At March 31, 2017, 2016, and 2015 a 100% valuation allowance is provided, as it is uncertain if the deferred tax assets will provide any future benefits because of the uncertainty about the Company’s ability to generate the future taxable income necessary to use the net operating loss carryforwards.
 
The company believes that temporary timing differences between accrual and payment of income taxes are not material to the financial position of the Company.
 
As of March 31, 2017, Elite has a federal net operating loss carryforward of $29,915,546 and net operating loss carryforward in state tax jurisdictions of $1,929,616, which will begin to expire in 2019.