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TAXES AND NET OPERATING LOSS CARRYFORWARDS (Tables)

12 Months Ended

Dec. 31, 2013

Taxes And Net Operating Loss Carryforwards Tables

Components of deferred tax assets (liabilities)

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. The tax effects of these temporary differences representing the components of deferred tax assets (liabilities) at December 31 were approximately as follows (in thousands):

		2013				2012
Deferred tax assets, current:
U.S. net operating loss carry-forwards		$	2,026			$	1,097
Settlements			204				--
State net operating loss carry-forwards			363				197
Research and development credits			876				774
AMT credits			75				73
Accounts receivable			15				12
Reserves			--				1
Inventory			--				--
Charitable			12				9
Accrued expenses			281				132
Accrued Settlement			--				--
Non-current estimate of loss and credit carry-forwards			(3,852	)			(2,295	)
Total deferred tax assets, current			--				--
Deferred tax assets, non-current:
Investment in subsidiary			128				128
Loss and credit carry-forwards			3,852				2,295
Stock based compensation			158				95
Total deferred tax assets, non- current			4,138				2,518
Deferred tax liabilities, non-current:
Inventory			1				(1	)
State taxes (capital)			(3	)			(4	)
Property and equipment			(346	)			(361	)
Intangibles			(365	)			(304	)
Unrecognized tax benefit liability for non-current temporary differences			(13	)			(49	)
Total deferred tax liabilities, non-current			(726	)			(719	)
Net non-current deferred income tax asset		$	3,412			$	1,799

Reconciliation of the statutory federal income tax rate to our effective tax rate

Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended December 31, 2013, 2012 and 2011:

		2013				2012				2011
Federal tax provision			34.0	%			34.0	%			34.0	%
State taxes (net of federal benefit)			2.6	%			4.1	%			(32.0	) %
Stock based compensation*			-				--				(27.8	) %
Research and development credits*			-				--				(78.0	) %
Warrant gains			-				--				(175.9	) %
Meals and entertainment			-				--				39.1	%
Other			(9.3	)%			(12.2	)%			--
			27.3	%			25.9	%			(240.6	) %

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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

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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