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F - INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income tax expense (benefit) provision | Income tax expense consists of the following:
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Federal income tax expense: |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  | $ | 19,000 |  | $ | — |
Deferred |  |  | — |  |  | — |  |  | — |
|  |  | — |  |  | 19,000 |  |  | — |
State and local: |  |  |  |  |  |  |  |  |  |
Current |  |  | — |  |  | — |  |  | 34,000 |
Deferred |  |  | — |  |  | — |  |  | — |
|  |  | — |  |  | — |  |  | 34,000 |
Total: |  |  |  |  |  |  |  |  |  |
Current |  |  | — |  |  | 19,000 |  |  | 34,000 |
Deferred |  |  | — |  |  | — |  |  | — |
|  | $ | — |  | $ | 19,000 |  | $ | 34,000 |
Reconciliation between income tax benefit and income taxes | Reconciliation between the income tax provision and income taxes computed by applying the statutory Federal income tax rate to loss before income taxes is as follows:
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
Expected income tax benefit at statutory Federal tax rate (34%) |  | $ | (2,229,000 | ) | $ | (2,004,000 | ) | $ | (47,000 | )
State and local taxes, net of Federal tax effect |  |  | (459,000 | ) |  | (413,000 | ) |  | 22,000 |
Increase in valuation allowance |  |  | 2,551000 |  |  | 2,342,000 |  |  | — |
Permanent difference |  |  | 39,000 |  |  | 46,000 |  |  | 36,000 |
Other |  |  | 98,000 |  |  | 48,000 |  |  | 23,000 |
Income tax expense |  | $ | 0 |  | $ | 19,000 |  | $ | 34,000 |
Deferred tax assets (liabilities) | The principal items giving rise to deferred tax assets (liabilities) are as follows:
|  | December 31, |
|  | 2014 |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |
Net operating loss credit carryforwards |  | $ | 8,046,000 |  | $ | 4,670,000 |
Alternative minimum tax carryforward |  |  | 9,000 |  |  | 15,000 |
Employee stock based compensation |  |  | 237,000 |  |  | 237,000 |
Retail brokerage accounts |  |  | 211,000 |  |  | 281,000 |
Contribution carryover |  |  | 223,000 |  |  | 347,000 |
Furniture, equipment and leasehold improvements |  |  | 115,000 |  |  | 96,000 |
Accrued expenses |  |  | 337,000 |  |  | 83,000 |
Investment in affiliate (a) |  |  | 736,000 |  |  | 1,001,000 |
Accrued compensation and other |  |  | — |  |  | 44,000 |
Capital loss carryforwards |  |  | 24,000 |  |  | — |
Other |  |  | 30,000 |  |  | — |
Total |  |  | 9,968,000 |  |  | 6,774,000 |
Valuation allowance |  |  | (9,218,000 | ) |  | (6,774,000 | )
Net deferred tax assets |  |  | 750,000 |  |  | — |
Deferred tax liability: |  |  |  |  |  |  |
Receivable from affiliate (b) |  |  | (750,000 | ) |  | — |
|  | $ | 0 |  | $ | 0 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: 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 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: 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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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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