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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Taxes [Abstract] |
INCOME TAXES | 9. INCOME TAXES: For the year ended December 31, 2014, the income tax benefit allocated to continuing operations represents the tax benefit from utilizing the loss from continuing operations to offset income from discontinued operations. A corresponding tax provision was charged to discontinued operations. Reconciliation of the benefit for income taxes from continuing operations recorded in the consolidated statement of operations with the amounts computed at the statutory federal tax rate of 34% as follows:
|  | 2014 |  |  | 2013 |
Federal tax benefit at statutory rate |  | $ | (1,657,000 | ) |  | $ | (235,000 | )
State tax benefit, net of federal tax |  |  | (61,000 | ) |  |  | (10,000 | )
Permanent differences |  |  | (38,000 | ) |  |  | 5,000 |
Increase in valuation allowance |  |  | 1,298,000 |  |  |  | 240,000 |
Benefit for income taxes |  | $ | (458,000 | ) |  | $ | - |
Tax affected components of deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013 were as follows:
|  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |  |
Equity based compensation |  | $ | 229,000 |  |  | $ | 102,000 |
Allowance for doubtful accounts |  |  | 552,000 |  |  |  | 1,000 |
Lease merchandise |  |  | 582,000 |  |  |  | - |
Net operating loss carry-forwards |  |  | 1,680,000 |  |  |  | 1,660,000 |
Gross deferred tax assets |  |  | 3,043,000 |  |  |  | 1,763,000 |
Valuation allowance |  |  | (3,042,000 | ) |  |  | (1,744,000 | )
Net deferred tax assets |  |  | 1,000 |  |  |  | 19,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets |  |  | (1,000 | ) |  |  | (19,000 | )
|  | $ | - |  |  | $ | - |
Based on consideration of the available evidence including historical losses a valuation allowance has been recognized to offset deferred tax assets, as management was unable to conclude that realization of deferred tax assets were more likely than not. As of December 31, 2014, the Company has federal net operating loss carryforwards of approximately $4,547,000 and state net operating loss carryforwards of approximately $3,351,000 available to offset future taxable income which expire from 2022 to 2034. Section 382 of the Internal Revenue Code imposes a limitation on a corporation's ability to utilize net operating loss carryforwards (“NOLs”) if it experiences an “ownership change.” In general, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three-year period. If such a change were to occur, certain NOLs available to be used could be disallowed and an annual limitation on utilization of other NOLs would occur. The Company files tax returns in the U.S. federal jurisdiction and various states. At December 31, 2014, federal tax returns remained open for Internal Revenue Service review for tax years after 2010, while state tax returns remain open for review by state taxing authorities for tax years after 2009. There were no federal or state income tax audits being conducted as of December 31, 2014.

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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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