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TAXES AND NET OPERATING LOSS CARRYFORWARDS | 12 Months Ended
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Dec. 31, 2014
Notes to Financial Statements |
Note 10. TAXES AND NET OPERATING LOSS CARRYFORWARDS | 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):
|  |  | 2014 |  |  | 2013 |
Deferred tax assets |  |  |  |  |  |
| Investment in subsidiary |  |  | - |  |  |  | 128 |
| Loss and credit carry-forwards |  |  | 5,497 |  |  |  | 3,852 |
| Stock based compensation |  |  | 156 |  |  |  | 158 |
| Inventory Reserve |  |  | 361 |  |  |  | - |
| Other |  |  | 193 |  |  |  | - |
| Total deferred tax assets |  |  | 6,207 |  |  |  | 4,138 |
Deferred tax liabilities |  |  |  |  |  |  |  |
| Inventory |  |  | - |  |  |  | 1 |
| State taxes (capital) |  |  | (9 | ) |  |  | (3 | )
| Property and equipment |  |  | (416 | ) |  |  | (346 | )
| Intangibles |  |  | (376 | ) |  |  | (365 | )
| Unrecognized tax benefit liability for non-current temporary differences |  |  | - |  |  |  | (13 | )
| Total deferred tax liabilities |  |  | (801 | ) |  |  | (726 | )
| Total Net Deferred Tax Assets |  |  | 5,406 |  |  |  | 3,412 |
| Valuation Allowance |  |  | (5,970 | ) |  |  | - |
Total Net Deferred Tax Assets/(Liabilities) , net of Valuation Allowance |  | $ | (564 | ) |  | $ | 3,412 |
We consider all positive and negative evidence regarding the realization of deferred tax assets, including past operating results and future sources of taxable income. U.S. net operating losses will begin to expire in years beginning in 2019. We assess the financial statement impact of an uncertain tax position taken or expected to be taken on an income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized in the financial statements unless it is more likely than not of being sustained. All of our positions arise from taxable temporary differences and, as such, the liability has been recognized in the net deferred tax asset, current and non-current items to which they relate. The calculated amount of penalties and interest related to these timing differences were immaterial at December 31, 2013 and 2012. Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended December 31, 2014, 2013, and 2012:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Federal tax provision |  |  | 34.0 | % |  |  | 34.0 | % |  |  | 34.0 | %
State taxes (net of federal benefit) |  |  | 1.4 | % |  |  | 2.6 | % |  |  | 4.1 | %
Warrant gains |  |  | (18.8 | )% |  |  | - |  |  |  | - |
Valuation allowance |  |  | (45.3 | )% |  |  | - |  |  |  | - |
Other |  |  | (1.6 | )% |  |  | (9.3 | )% |  |  | (12.2 | )%
|  |  | (30.3 | )% |  |  | 27.3 | % |  |  | 25.9 | %

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- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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