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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2012

Income Taxes [Abstract]

Significant components of deferred tax assets and liabilities

Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:

Deferred tax assets:
Net operating loss and tax credit carryforwards		$	48,537,961
Capital loss carryforward			384,901
Accrued expenses			62,625
Reserve for accounts receivable			2,087,344
Reserve for inventory			133,155
Start-up costs			107,074
Excess of book over tax depreciation			1,187,108
Stock option and restricted stock award expense			1,578,615
Investment in unconsolidated entity			3,695,636
Less: valuation allowance			(57,583,166	)
		$	191,253
Deferred tax liability:
Property and equipment basis		$	69,260
Prepaid expenses			121,993
		$	191,253
Net deferred tax asset		$	—

Schedule of change in valuation allowance

The change in the valuation allowance is as follows:

September 30, 2012		$	57,583,166
December 31, 2011			52,515,797
Change in valuation allowance		$	5,067,370

Schedule of income (loss) before income taxes

Income taxes for the nine-month periods ended September 30, 2012 and 2011 differ from the amounts computed by applying the effective federal income tax rate of 34.0% to income (loss) before income taxes as a result of the following:

		September 30, 2012				September 30, 2011
Expected (benefit)		$	(5,871,516	)		$	(4,162,479	)
State income taxes net of federal benefits			(167,562	)			(122,296	)
Nondeductible expense			14,166				12,474
Stock options and restricted stock awards			242,390				729,241
Derivatives			521,008				(396,232	)
Change in valuation allowance			5,067,370				3,910,077
Effects of:
Change in apportionment estimate			(40,826	)			—
Change in net operating loss estimate			612,353				—
Change in capital loss carryover estimate			(374,051	)			—
Other, net			(3,332	)			29,215
		$	—			$	—

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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

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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

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Valuation Allowance

-URI http://asc.fasb.org/extlink&oid=6528051



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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-Name Statement of Financial Accounting Standard (FAS)

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