| Income Tax (Benefit) Provision |
The Company’s income tax (benefit) provision is as
follows:
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
|
Current:
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
|
Change in depreciation, depletion and amortization
|
|
$ |
3,864,000 |
|
|
$ |
1,437,000 |
|
|
Change in unrealized gain (loss) on derivative
|
|
|
(1,399,000 |
) |
|
|
2,841,000 |
|
|
Change in other items
|
|
|
17,000 |
|
|
|
(17,000 |
) |
|
Change in NOL
|
|
|
(10,342,000 |
) |
|
|
(4,160,000 |
) |
|
Change in accruals
|
|
|
544,000 |
|
|
|
(1,020,000 |
) |
|
Change in valuation allowance
|
|
|
7,316,000 |
|
|
|
919,000 |
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
| Net Deferred Tax Assets and Liabilities |
Net deferred tax assets and liabilities consist of the following
components as of December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
| |
|
2015 |
|
|
2014 |
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
NOL carryover
|
|
$ |
31,967,000 |
|
|
$ |
21,625,000 |
|
|
AMT credit
|
|
|
606,000 |
|
|
|
606,000 |
|
|
Accruals
|
|
|
476,000 |
|
|
|
1,020,000 |
|
|
Other
|
|
|
14,000 |
|
|
|
31,000 |
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax assets
|
|
|
33,063,000 |
|
|
|
23,282,000 |
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
(8,748,000 |
) |
|
|
(4,884,000 |
) |
|
Unrealized gain on derivative contract
|
|
|
(1,399,000 |
) |
|
|
(2,798,000 |
) |
|
|
|
|
|
|
|
|
|
|
Total deferred tax liabilities
|
|
|
(10,147,000 |
) |
|
|
(7,682,000 |
) |
|
|
|
|
Valuation allowance
|
|
|
(22,916,000 |
) |
|
|
(15,600,000 |
) |
|
|
|
|
|
|
|
|
|
|
Net deferred taxes
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|