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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of income tax benefit (provision)

Income tax benefit (provision) for the indicated periods is comprised of the following (in thousands):

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2021
Current:	​	​	​	​	​	​
Federal	​	$	—	​	$	—
State	​	​	—	​	​	—
​	​	​	—	​	​	—
Deferred:	​	​	​	​	​	​
Federal	​	​	—	​	​	—
State	​	​	—	​	​	—
​	​	​	—	​	​	—
Total income tax benefit (provision)	​	$	—	​	$	—

​

Schedule of differences between the actual income tax benefit (provision) and the expected income tax benefit (provision)

The actual income tax benefit (provision) differs from the expected income tax benefit (provision) as computed by applying the United States federal corporate income tax rate of 21% for the periods indicated below, as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2021
Expected tax benefit (provision)	​	$	(3,893)	​	$	5,947
Change in valuation allowance and related items	​	​	6,689	​	​	57,845
Attribute reduction	​	​	(2,704)	​	​	(64,024)
Permanent adjustments	​	​	(5)	​	​	404
Employee retention credit	​	​	—	​	​	(153)
Non-deductible compensation	​	​	(56)	​	​	—
Other	​	​	(31)	​	​	(19)
Total income tax benefit (provision)	​	$	—	​	$	—

​

Schedule of components of net deferred income tax assets (liabilities)

The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands):

​

​	​	​	​	​	​	​
​		December 31, 2022			December 31, 2021
Deferred noncurrent income tax assets:	​	​	​	​	​	​
Net operating loss carry-forwards	​	$	151,905	​	$	135,454
Built in loss adjustment Section 382	​	​	693	​	​	693
Capital loss carryforward	​	​	114,725	​	​	114,725
Stock-based compensation expense	​	​	2,334	​	​	1,870
Asset retirement obligations	​	​	2,558	​	​	2,447
Book-tax differences in property basis	​	​	129,427	​	​	148,008
Unrealized hedging transactions	​	​	8,676	​	​	12,929
Disallowed interest Section 163(j)	​	​	14,905	​	​	15,230
Embedded derivative liability	​	​	459	​	​	841
Operating lease liability	​	​	74	​	​	151
Other	​	​	874	​	​	382
Gross deferred noncurrent income tax assets	​	​	426,630	​	​	432,730
Valuation allowance	​	​	(425,005)	​	​	(431,694)
Deferred noncurrent income tax assets	​	$	1,625	​	$	1,036
​	​	​	​	​	​	​
Deferred noncurrent income tax liabilities:	​	​	​	​	​	​
Basis difference in debt	​	$	(885)	​	$	(885)
Investment in unconsolidated subsidiary	​	​	(580)	​	​	​
Amortization of debt issuance costs	​	​	(86)	​	​	​
Lease right of use	​	​	(74)	​	​	(151)
Deferred noncurrent income tax liabilities	​	$	(1,625)	​	$	(1,036)
Net noncurrent deferred income tax assets (liabilities)	​	$	—	​	$	—

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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