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Income taxes | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income taxes | 12. Income taxes The benefit for income taxes on loss from continuing operations consisted of the following:
|  | Year Ended December 31, |
(In thousands) |  | 2015 |  |  | 2014 |
Current |  |  |  |  |  |  |  |
Federal |  | $ | (123 | ) |  | $ | — |
State |  |  | — |  |  |  | — |
|  |  | (123 | ) |  |  | — |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | (14,660 | ) |  |  | (167 | )
State |  |  | (1,800 | ) |  |  | — |
|  |  | (16,460 | ) |  |  | (167 | )
Benefit for income taxes |  | $ | (16,583 | ) |  | $ | (167 | )
The Company’s effective income tax benefit differed from the statutory federal income tax rate of 34.0% for the years ended December 31, 2015 and 2014. For the year ended December 31, 2015, this difference is primarily due to state income taxes and one-time contingent earn out costs related to shares issued pursuant to the TBO Merger Agreement. A reconciliation was shown as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2015 |  |  | 2014 |
Tax on continuing operating loss before income taxes |  | $ | (20,117 | ) |  |  | 34.0 | % |  | $ | (264 | ) |  |  | 34.0 | %
Non-deductible contingent earn out costs |  |  | 4,862 |  |  |  | -8.2 | % |  |  | — |  |  |  | 0.0 | %
Non-deductible acquisition costs |  |  | 366 |  |  |  | -0.6 | % |  |  | 101 |  |  |  | -0.2 | %
Other permanent differences |  |  | 185 |  |  |  | -0.3 | % |  |  | 3 |  |  |  | 0.0 | %
Effect of state taxes (net of federal tax benefit) |  |  | (1,800 | ) |  |  | 3.0 | % |  |  | (7 | ) |  |  | 0.0 | %
Others |  |  | (79 | ) |  |  | 0.1 | % |  |  | — |  |  |  | 0.0 | %
Benefit related to income taxes |  | $ | (16,583 | ) |  |  | 28.0 | % |  | $ | (167 | ) |  |  | 33.8 | %
Components of deferred income tax consist of the following:
(In thousands) |  | December 31, 2015 |  |  | December 31, 2014 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 4,619 |  |  | $ | 213 |
Share-base compensation |  |  | 12,069 |  |  |  | — |
Liability for employee incentive-based compensation plan |  |  | 1,528 |  |  |  | — |
Accounts receivable |  |  | 530 |  |  |  | 38 |
Accrued expenses and other current liabilities |  |  | 136 |  |  |  | 84 |
Intangible assets |  |  | — |  |  |  | 203 |
|  |  | 18,882 |  |  |  | 538 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets as a result of Fluent Acquisition |  | $ | 31,743 |  |  |  | — |
Property and equipment |  |  | 239 |  |  |  | 84 |
Prepaid expenses and other current assets |  |  | 412 |  |  |  | — |
Internal Revenue Code Sec. 481 adjustment |  |  | 61 |  |  |  | 84 |
|  |  | 32,455 |  |  |  | 168 |
Net deferred tax liability |  | $ | (13,573 | ) |  | $ | 370 |
As of December 31, 2015, the Company had federal and state net operating loss carryforwards of $12,610 and $10,651, respectively, which begin to expire in 2034. The Company’s net operating losses may be subject to annual Section 382 limitations due to ownership changes that could impact the future realization. As a result of certain realization requirements of ASC 718, Compensation — Stock Compensation, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 31, 2015 that arose directly from tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by $199 if and when such deferred tax assets are ultimately realized. The Company uses ASC 740 ordering when determining when excess tax benefits have been realized. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management believes, based on all positive and negative evidence, that the deferred tax assets will be fully realized and therefore has not recorded a valuation allowance. In accordance with the provisions of ASC 740 -10, the Company records a liability for uncertain tax positions when it is probable that a loss has been incurred and the amount can be reasonably estimated. As of December, 2015, the Company has no liabilities for uncertain tax positions. The Company continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. All of the Company’s income tax filings since inception remain open for tax examinations.

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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=6907707&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=6907707&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=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 + Details
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