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12. Income taxes | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Income taxes - Note 12 | 12. INCOME TAXES A provision for income taxes has not been recorded for 2015, 2014 and 2013, due to the valuation allowances placed against the net operating losses and deferred tax assets arising during such periods. A valuation allowance has been recorded for all deferred tax assets. Based on our history of losses since inception, the available objective evidence creates sufficient uncertainty regarding the realizability of the deferred tax assets. At December 31, 2015, we have net operating loss carry-forwards of approximately $359.7 million for federal income tax reporting purposes. In addition, we have research and development tax credits of $6.7 million. The net operating loss carry-forwards and research and development credits available to offset future taxable income, if any, will expire in varying amounts from 2018 to 2035, if not previously utilized. In addition to the tax benefits above, we have $786,000 of capital loss carry-forwards that are scheduled to expire between 2016 and 2017. In certain circumstances, as specified in the Internal Revenue Code, a 50% or more ownership change by certain combinations of our shareholders during any three-year period would result in limitations on our ability to utilize our net operating loss carry-forwards. Deferred tax assets are summarized as follows (in thousands):
|  |  | December 31,
|  |  | 2015 |  |  | 2014
Deferred tax assets, current |  |  |  |  |  |
Reserves |  | $ | 2,581 |  | $ | 2,526
Other |  |  | 749 |  |  | 617
Total gross deferred tax assets, current |  |  | 3,330 |  |  | 3,143
Deferred tax assets, non-current |  |  |  |  |  |
Net operating loss carryforwards |  |  | 122,281 |  |  | 116,520
R&D credit carryforwards |  |  | 6,747 |  |  | 6,520
Depreciation/amortization deferred |  |  | 20,848 |  |  | 22,642
Other |  |  | 7,954 |  |  | 7,846
Total gross deferred tax assets, non-current |  |  | 157,830 |  |  | 153,528
Net deferred taxes before valuation allowance |  |  | 161,160 |  |  | 156,671
Less: Valuation allowance |  |  | (161,160) |  |  | (156,671)
Deferred tax assets |  | $ | - |  | $ | -
The valuation allowance, permanent items, and the research and development credit carry-forwards account for substantially all of the difference between our effective income tax rate and the federal statutory tax rate of 34%. Certain net operating losses arise from the deductibility for tax purposes of compensation under nonqualified stock options equal to the difference between the fair value of the stock on the date of exercise and the exercise price of the options. For financial reporting purposes, the tax effect of this deduction, when recognized, is accounted for as a credit to shareholders' equity. We did not have any unrecognized tax benefits at December 31, 2015 or 2014. We recognize interest accrued and penalties related to unrecognized tax benefits in tax expense. During the years ended December 31, 2015, 2014, and 2013, we recognized no interest or penalties. We file income tax returns in the U.S. federal jurisdiction and various states. Due to our operating loss and credit carry-forwards, the U.S. federal statute of limitations remains open for 1998 and onward.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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