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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of Current and Deferred Income Tax Expense

The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2013, 2012 and 2011 as determined in accordance with ASC 740, Income Taxes (“ASC 740”), are as follows:

		Year ended December 31,
		2013				2012				2011
Current:
Federal		$	—			$	—			$	—
State and local			—				—				—
			—				—				—
Deferred:
Federal			—				—				—
State and local			—				—				—
			—				—				—
Income tax expense from operations		$	—			$	—			$	—

Schedule of Net Operating Losses for Tax Purposes

The Company has generated net operating losses for tax purposes (“NOL”) during the years ended December 31, 2013, 2012, 2011 and prior periods which may be used to minimize income taxes paid. The following table provides a summary of the NOL activity for the years indicated:

		Year ended December 31,
		2013				2012				2011
Beginning NOL		$	(136,515	)		$	(106,939	)		$	(101,856	)
U.S. GAAP income			51,537				11,030				3,092
Tax differences:
Temporary			5,580				(5,633	)			209
Permanent			(61,561	)			(37,618	)			(9,334	)
Net operating losses expired			—				2,645				950
Ending NOL		$	(140,959	)		$	(136,515	)		$	(106,939	)

Schedule of Net Operating Loss Expiration

Prior to the consideration of any limitations imposed due to ownership changes, the Company’s available NOLs will expire as follows:

Year Ending December 31:
2018		$	5,819
2019			5,101
2021			579
2023			608
2024			2,330
2025			3,239
2026			15,560
2027			24,655
2028			19,754
2029			14,218
2030			6,385
2031			6,052
2032			32,215
2033			4,444
		$	140,959

Schedule of Annual Limitations for Net Operating Losses

The amounts summarized above are subject to the following annual limitations as indicated by the years such NOLs were incurred:

NOLs generated between		Total				Annual Prospective Limitation				Amount Deemed Worthless
1998 —   2004		$	14,049			$	524			$	3,487
2005 —   2012			118,166				68,164				—
2012 —   2013			8,744				—				—
Net operating losses		$	140,959			$	68,688			$	3,487

Schedule of Reconciliation of Gross Net Operating Loss

A reconciliation of the NOL amount presented above and the amount utilized in calculating the deferred tax asset at December 31, 2013 and 2012, respectively, is as follows:

		December 31,
		2013				2012
Net operating losses		$	140,959			$	136,515
Net operating losses deemed worthless			(3,487	)			(3,487	)
Unrecognized stock-based compensation			(111,635	)			(49,946	)
Gross net operating losses available for deferred tax asset			25,837				83,082
Tax rate			45.43	%			45.22	%
Tax affected		$	11,738			$	37,571

Deferred Tax Assets

At December 31, 2013 and 2012, the composition of the deferred tax asset is summarized as follows by applying a 45.43% and 45.22% tax rate to the deferred tax items:

		December 31,
		2013				2012
Deferred tax assets:
Net operating losses		$	11,738			$	37,571
Stock-based compensation			7,579				6,471
Fixed assets			—				286
Deferred rent liability			1,855				68
Other			82				82
Deferred tax assets			21,254				44,478
Deferred tax liabilities:
Fixed assets			7				—
Unrealized gains			26				—
Deferred tax liabilities			33				—
Total deferred tax assets less deferred tax liabilities			21,221				44,478
Less: valuation allowance			(21,221	)			(44,478	)
Net deferred tax assets and liabilities		$	—			$	—

Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate

A reconciliation of the statutory federal income tax rate of 35% and the Company’s effective rate is as follows:

		December 31,
		2013				2012				2011
Federal statutory rate			35.00	%			35.00	%			35.00	%
Permanent differences			0.09	%			0.37	%			32.57	%
State income tax rate, net of federal benefit			10.06	%			9.44	%			21.28	%
(Decrease) in valuation allowance			(45.13	%)			(44.82	%)			(89.25	%)
Other differences, net			(0.02	%)			0.01	%			0.40	%
Effective rate			0.00	%			0.00	%			0.00	%

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