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Note 18 - Restatement | 12 Months Ended
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Dec. 31, 2014
Accounting Changes and Error Corrections [Abstract] |
Accounting Changes and Error Corrections [Text Block] |
18. | RESTATEMENT
Subsequent to the filing of our Form 10-K on February 18, 2015, the company determined that it had not properly accounted for the tax impact of a determination made in 2014 that the stock of its VISaer subsidiary had become worthless. The company intends to record a $10.2 million worthless stock deduction in its consolidated U.S. Federal income tax return and treat the loss as a capital loss which will carry forward for five years for income tax purposes. As a result, the deferred tax assets and net operating loss carryforwards associated with VISaer went away and the company gained a deferred tax asset of $3.6 million related to the capital loss. Accordingly the company has revised certain items in Note 7 that were impacted by this omission. The restatement does not have any impact on the consolidated balance sheets or statements of operations and cash flows as of and for the year ended December 31, 2014 as previously filed. The effects of the restatement of certain amounts in Note 7 are summarized below:
| ● | Net deferred tax assets at December 31:
(in thousands) |  | 201 4 as restated |  |  | 2014 as reported |
Deferred tax assets: |  |  |  |  |  |  |  |
Federal, state and foreign loss carryforwards |  | $ | 3,862 |  |  | $ | 7,039 |
Capital loss carryforward |  |  | 3,570 |  |  |  | -- |
Capitalized research and development |  |  | -- |  |  |  | 241 |
Deferred revenue |  |  | 71 |  |  |  | 71 |
Federal and state tax credits |  |  | 520 |  |  |  | 2,269 |
Other |  |  | 503 |  |  |  | 503 |
Total deferred tax asset |  |  | 8,526 |  |  |  | 10,123 |
Less valuation allowance |  |  | (8,526 | ) |  |  | (10,123 | )
Net deferred tax asset |  | $ | -- |  |  | $ | -- |
| ● | In addition, the total net operating loss carryforwards that will expire beginning in 2019 decreased from $20.1 million to $11.0 million and the amounts expiring in each year decreased as well as reflected in the detail below. In addition, the amount of net operating losses subject to Separate Return Limitation Year rules was reduced from $11.3 million to $1.5 million.
As of December 31, the following net operating loss carryforwards, if unused as offsets to future taxable income, will expire during the following years:
(in thousands) |  | 201 4 as restated |  |  | 201 4 as reported |
2019 |  | $ | -- |  |  | $ | 2,901 |
2021 |  |  | 689 |  |  |  | 1,184 |
2022 |  |  | 849 |  |  |  | 1,083 |
2023 |  |  | -- |  |  |  | 1,302 |
Thereafter |  |  | 9,498 |  |  |  | 13,642 |
Total |  | $ | 11,036 |  |  | $ | 20,112 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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