The provision for income taxes for the years ending December 31 follows:

A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31 follows:

Deferred income tax (liabilities) assets at December 31 follow:

At December 31, 2016, the Company had federal and state net operating loss carryforwards of approximately $132.6 million which expire between 2022 and 2035. Of this amount, approximately $61.3 million is subject to limitation under Section 382 of the Code, which could result in some amounts expiring prior to being utilized. Realization of a deferred tax asset is dependent, in part, on generating sufficient taxable income prior to expiration of the loss carryforwards. At December 31, 2016, the Company has recorded a full valuation allowance against its federal and state net deferred tax assets of $61.5 million because the Company believes it is more likely than not that the assets will not be utilized based on losses over the most recent three-year period. At December 31, 2016, the Company does not have any unrecognized tax benefits and does not anticipate any unrecognized tax benefits during the next twelve months. The tax years of the Company that remain subject to examination by the Internal Revenue Service and other income tax authorities are fiscal years 2012 to 2016.