At December 31, 2016 and 2015, the Company has established full valuation allowances against its deferred tax assets, principally for operating losses, due to the uncertainty in realizing their benefits. At December 31, 2016, the Company had approximately $120,000 of unused operating losses expiring beginning 2030 through 2036.
The Company is in the process of preparing and filing its federal income tax returns for the years ended December 31, 2016, 2015, 2014, 2013 and 2012.