Entity information:
Note
12
 — Income Taxes
 
Income tax (expense) benefit for the period
from
January
1,
2016
through
May
4,
2016,
the period from
May
5,
2016
through
December
31,
2016,
and for the year ended
December
31,
2015,
consisted of the following:
 
   
 
 
 
 
 
 
 
Period from
May 5, 2016 through December 31, 2016
 
 
 
 
Period from
January 1, 2016 through May 4, 2016
    
Year Ended
December 31, 2015
  
   
Successor
    
Predecessor
    
Predecessor
  
Current:
                        
Federal
   $
-
     $
-
     $
-
  
State
    
-
      
-
      
-
  
Deferred:
                        
Federal
    
1,989,763
      
(9,836,756
 )    
29,084,623
  
State
    
236,490
      
(2,237,382
 )    
3,614,773
  
Change in valuation allowance
    
(2,226,253
 )    
12,074,138
      
(32,610,383
 )
                         
Total Benefit for Income Taxes
   $
-
     $
-
     $
89,013
  
 
Significant components of the Company's
 deferred tax assets and liabilities consisted of the following at
December
31,
2016
and 
2015:
 
   
December 31, 2016
    
December 31, 2015
  
   
Successor
    
Predecessor
  
Deferred tax assets:
                
Stock-based compensation
   $
29,379
     $
6,238,000
  
Tax credits
    
3,484,799
      
3,339,000
  
Deferred revenue
    
-
      
462,000
  
Start-up and organizational costs
    
270,652
      
275,000
  
Tax deductible Goodwill
    
354,831
      
404,000
  
Property and equipment
    
163,755
      
207,000
  
Other
    
224,910
      
283,000
  
Total deferred tax assets
    
4,528,326
      
11,208,000
  
                 
Deferred tax liabilities:
                
Intangible Assets
    
(2,374,950
)
    
(114,000
)
Total deferred tax liabilities
    
(2,374,950
)
    
(114,000
)
                 
Net deferred tax assets, excluding net operating loss carryforwards
    
2,153,376
      
11,094,000
  
Net operating loss carryforwards
    
50,713,527
      
61,076,000
  
     
52,866,903
      
72,170,000
  
Less valuation allowance
    
(52,866,903
)
    
(72,170,000
)
Total deferred tax assets (liabilities)
   $
-
     $
-
  
 
The following table presents a reconciliation between the U.S. federal statutory income tax rate and the Company's effective tax rate:
 
   
Period from
May 5, 2016 through
December 31, 2016
    
Period from January 1, 2016 through
May 4, 2016
    
Year Ended December 31, 2015
  
   
Successor
    
Predecessor
    
Predecessor
  
U.S. federal statutory income tax
    
35.0
      
35.0
%
    
35.0
%
State and local income tax, net of benefits
    
4.2
      
4.2
%
    
4.8
%
Fair value of derivatives
    
-
      
-
      
22.4
%
Other
    
(0.1
)%
    
3.7
%
    
(0.4
)%
Valuation allowance for deferred income tax assets
    
(39.1
)%
    
(42.9
)%
    
(61.6
)%
                         
Effective income tax rate
    
-
%
    
-
%
    
0.2
%
 
 
The Company had loss carry-forwards of approximately
$163.2
million as of
December
31,
2016,
that
may
be offset against future taxable income. The carry-forwards will begin to expire in
2020.
Use of these carry-forwards
may
be subject to annual limitations based upon previous significant changes in stock ownership.
 
The Company does
not
believe that it has any uncertain income tax positions.