7. Income Taxes

The Company recognized a loss before provision for income taxes for the nine months ended September 30, 2014; however, no tax benefit related to the loss has been recognized because the realization of the tax benefit is uncertain. The Company has also recorded a valuation allowance equal to 100% of the potential tax benefit applicable to its total net operating loss carry forwards at September 30, 2014 of $23,914,120 because the realization of the tax benefit is uncertain. In addition, the Company has recorded valuation allowances for certain other deferred tax items.

The Company’s position with respect to its deferred tax assets and liabilities is a very complex matter due to the fact that the Company’s financial results have created uncertainty as to the future realization of the deferred tax assets and liabilities. As a result, the Company has commenced an in-depth analysis of its deferred tax assets and liabilities and expects to utilize the services of independent tax consultants to assist in this analysis. The Company expects to complete this analysis by December 31, 2014.

The IRS completed an examination of Symon's income tax returns for the years ended January 31, 2009 and 2010 during 2012. The examination did not result in any material adjustments to Symon's tax returns. Subsequent to the examinations, the Company has determined that there are no uncertain tax positions and therefore no accruals have been made. There are no uncertain tax positions related to the successor. Symon's open tax years are 2011 through 2013. RMG's open tax years are 2008 through 2013.

With respect to state and local jurisdictions and countries outside of the United States, the Company and its subsidiaries are typically subject to examination for three to six years after the income tax returns have been filed.