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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Tax (Benefits) are Attributable to Continuing Operations

The components of the provision for income tax (benefits) are attributable to continuing operations as follows:

		September 30, 2013				September 30, 2012				September 30, 2011
Current
Federal		$	320,991			$	—			$	—
State			15,000				—				—
		$	335,991			$	—			$	—
Deferred
Federal		$	—			$	—			$	—
State			—				—				—
		$	335,991			$	—			$	—

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

Deferred tax assets:
Net operating loss and tax credit carryforwards		$	45,757,210
Capital loss carryforward			395,844
Accrued expenses			64,406
Deferred revenue			1,020,246
Reserve for accounts receivable			2,078,681
Reserve for inventory			133,608
Start-up costs			110,118
Excess of book over tax depreciation			1,304,151
Stock option and restricted stock award expense			1,942,747
Investment in unconsolidated entity			3,800,697
Less: valuation allowance			(56,412,435	)
		$	195,273
Deferred tax liability:
Property and equipment basis		$	124,044
Prepaid expenses			71,229
		$	195,273
Net deferred tax asset		$	—

Schedule of Change in Valuation Allowance

The change in the valuation allowance is as follows:

September 30, 2013		$	56,412,435
December 31, 2012			57,901,529
Change in valuation allowance		$	(1,489,094	)

Schedule of Income (Loss) Before Income Taxes

Income taxes for the nine-month periods ended September 30, 2013 and 2012 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, 2013				September 30, 2012
Expected (benefit)		$	(7,193,297	)		$	(5,871,516	)
U.S. income tax expense at the AMT 20% rate			335,991				—
State income taxes net of federal benefits			77,409				(167,562	)
Nondeductible expense			23,010				14,166
Stock options and restricted stock awards			214,670				242,390
Gain on sale of subsidiary stock			8,454,148				—
Derivatives			(137,755	)			521,008
Change in valuation allowance			(1,489,094	)			5,067,370
Effects of:
Change in apportionment estimate			400,072				(40,826	)
Change in net operating loss estimate			2,240				612,353
Change in capital loss carryover estimate			—				(374,051	)
Change in AMT credit			(320,991	)			—
Other, net			(30,412	)			(3,332	)
		$	335,991			$	—

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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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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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.

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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.

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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.

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