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FEDERAL INCOME TAXES | 12 Months Ended
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Dec. 31, 2013
FEDERAL INCOME TAXES |
FEDERAL INCOME TAXES | 9. FEDERAL INCOME TAXES We recognize future tax assets and liabilities for each tax jurisdiction based on the difference between the financial reporting and tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the taxes are paid or recovered. A valuation allowance is provided against net future tax assets for which we do consider the realization of such assets to meet the required "more likely than not" standard. Our future tax assets and liabilities at December 31, 2013 and 2012 include the following components:
|  | December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
Deferred tax assets: |  |  |  |  |  |  |
Non-Current: |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 63,539,000 |  | $ | 58,720,000 |
Mineral properties |  |  | 14,153,000 |  |  | 12,230,000 |
Equipment & Furniture |  |  | 127,000 |  |  | — |
Restoration Reserves |  |  | 1,303,000 |  |  | (2,681,000 | )
Derivatives |  |  | 37,000 |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets |  |  | 79,159,000 |  |  | 68,269,000 |
Valuation allowance |  |  | (78,544,000 | ) |  | (67,975,000 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net |  | $ | 615,000 |  | $ | 294,000 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |
Prepaids and other |  | $ | 50,000 |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 50,000 |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Current: |  |  |  |  |  |  |
Equipment & Furniture |  |  | (665,000 | ) |  | (294,000 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | (665,000 | ) |  | (294,000 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities |  |  | (615,000 | ) |  | (294,000 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset (liability) |  | $ | — |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The composition of our valuation allowance by tax jurisdiction is summarized as follows:
|  | December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
United States |  | $ | 78,544,000 |  | $ | 67,975,000 |
Other Countries |  |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total valuation allowance |  | $ | 78,544,000 |  | $ | 67,975,000 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The valuation allowance increased $9.3 million from the year ended December 31, 2012 to the year ended December 31, 2013. This was the result of an increase in the net deferred tax assets, primarily net operating loss carryforwards ("NOLs"), equity based compensation, and exploration spending on mineral properties. Because we are unable to determine whether it is more likely than not that the net deferred tax assets will be realized, we continue to record a 100% valuation against the net deferred tax assets. At December 31, 2013, we had U.S. net operating loss carryforwards of approximately $181.8 million, which expire from 2018 to 2033. This included approximately $27.3 million in net operating loss carryforwards associated with the Neutron merger. A full valuation allowance has been recorded against the tax effected U.S. loss carryforwards as we do not consider realization of such assets to meet the required 'more likely than not' standard. In addition, we had net operating loss carryforwards in various U.S. state jurisdictions of approximately $50.0 million which expire from 2014 to 2033. A full valuation allowance has been recorded against the tax effected state loss carryforwards as we do not consider realization of such assets to meet the required 'more likely that not' standard. Section 382 of the Internal Revenue Code could apply and limit our ability to utilize a portion of the US net operating loss carryforwards. Following the issuance of the Company's Common Stock in 2001 and the Neutron merger in 2012, the ability to utilize the net operating loss carryforwards will be severely limited on an annual and aggregate basis. A formal Section 382 study has not been completed, therefore the actual usage of US net operating loss carryforwards has not been determined. Similar limitations apply to the state net operating loss carryforwards related to the Neutron acquisition. For financial reporting purposes, net loss before income taxes consists of the following components:
|  | Year ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
United States |  | $ | (20,294,000 | ) | $ | (19,361,000 | )
Other Countries |  |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | (20,294,000 | ) | $ | (19,361,000 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
A reconciliation of expected income tax on net income at statutory rates is as follows:
|  | Year ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
Net loss |  | $ | (20,294,000 | ) | $ | (19,361,000 | )
Statutory tax rate |  |  | 34 | % |  | 34 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax recovery at statutory rate |  |  | (6,900,000 | ) |  | (6,583,000 | )
Change in tax rates |  |  | 636,000 |  |  | — |
Mineral property adjustments |  |  | (4,210,000 | ) |  |  |
Stock based compensation |  |  | 416,000 |  |  | — |
Operating loss carryfoward adjustment |  |  | 636,000 |  |  |  |
Nondeductible write-offs |  |  | 126,000 |  |  | — |
Change in valuation allowance |  |  | 9,296,000 |  |  | 6,583,000 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense (recovery) |  | $ | — |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
We do not have any unrecognized income tax benefits. Should we incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of the interest expense and operating expense, respectively. Uranium Resources, Inc., and its wholly owned subsidiaries, files in the U.S. federal jurisdiction and various state jurisdictions. The years still open for audit are generally the current year plus the previous three. However, because we have NOLs carrying forward, certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment to tax losses carried forward to open years.

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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 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 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=6907707&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=6907707&loc=d3e32537-109319 Reference 6: 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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