Note 15 - Income Taxes
|6 Months Ended|
Jun. 30, 2017
|Notes to Financial Statements|
|Income Tax Disclosure [Text Block]||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Due to the uncertainty surrounding the realization of the deferred tax assets in future tax returns, all of the deferred tax assets have been fully offset by a valuation allowance at
Current accounting standards include guidance on the accounting for uncertainty in income taxes recognized in the financial statements. Such standards also prescribe a recognition threshold and measurement model for the financial statement recognition of a tax position taken, or expected to be taken, and provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company believes that the ultimate deductibility of all tax positions is highly certain, although there is uncertainty about the timing of such deductibility. As a result,
June 30, 2017or
2016and we do
notexpect any significant changes in the next
twelvemonths. Should we need to accrue interest or penalties on uncertain tax positions, we would recognize the interest as interest expense and the penalties as a selling, general and administrative expense. As of
June 30, 2017,tax years
2016remained subject to examination by federal and state tax authorities.
Benefit from income taxes was
$1.6million for the
three-month period ended
June 30, 2017,representing an effective tax rate of
34.0%,as compared to
three-month period ended
June 30, 2016,representing an effective tax rate of
0%.The increase in the effective rate for the period ended
June 30, 2017compared with the same period in
2016is primarily due to the gain on sale of our Lymphoseek product.
June 30, 2017,we had approximately
$128.8million of federal and
$16.3million of state net operating loss carryforwards.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef