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TAXES AND NET OPERATING LOSS CARRYFORWARDS | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
TAXES AND NET OPERATING LOSS CARYFORWARDS | 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) were as follows:
(In thousands) | December 31, 2016 |  | December 31, 2015
Deferred tax assets: |  |  |
Loss and credit carry-forwards | $ | 9,169 |  |  | $ | 6,578 |
Stock-based compensation | 519 |  |  | 283 |
Inventory Reserve | 534 |  |  | 466 |
Other | 263 |  |  | 273 |
Total deferred tax assets | 10,485 |  |  | 7,600 |
Valuation allowance | (10,185 | ) |  | (7,404 | )
Total deferred tax assets, net of valuation allowance | 300 |  |  | 196 |
Deferred tax liabilities: |  |  |
State taxes (capital) | (19 | ) |  | (10 | )
Property and equipment | (459 | ) |  | (413 | )
Intangibles | (386 | ) |  | (337 | )
Total deferred tax liabilities | (864 | ) |  | (760 | )
Net deferred tax liabilities | $ | (564 | ) |  | $ | (564 | )
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. Below is a reconciliation of the statutory federal income tax rate to our effective tax rate:
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Federal tax provision | 34.0 | % |  | 34.0 | % |  | 34.0 | %
State taxes (net of federal benefit) | 3.7 | % |  | 2.4 | % |  | 1.4 | %
Warrant gains | 31.4 | % |  | (11.1 | )% |  | (18.8 | )%
Valuation allowance | (71.8 | )% |  | (26.3 | )% |  | (45.3 | )%
Other | 1.5 | % |  | 0.6 | % |  | (1.6 | )%
| (1.2 | )% |  | (0.4 | )% |  | (30.3 | )%

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: 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=65882285&loc=d3e32639-109319 Reference 5: 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=65882285&loc=d3e32537-109319 + Details
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