Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

The components of current and deferred federal and state income tax (benefit) expense for continuing operations for the years ended December 31, consisted of the following (in thousands):

 

    2017     2016  
Federal income tax (benefit) expense - current   $ (780 )   $ 9  
Federal income tax benefit - deferred     (778 )     (2,657 )
State income tax expense - current     163       59  
State income tax expense (benefit) - deferred     110       (405 )
Total income tax (benefit) expense   $ (1,285 )   $ (2,994 )

Schedule of Effective Income Tax Rate Reconciliation

    2017     2016  
Tax benefit at statutory rate   $ (1,640 )   $ (5,527 )
State tax benefit, net of federal benefit     (295 )     (785 )
Change in deferred tax rates     1,711       (82 )
Impact of Tax Act     (1,695 )      
Permanent items     104       119  
Difference in foreign rate     170       98  
Change in deferred tax liabilities     881       (260 )
Other     (135 )     (241 )
(Decrease) increase in valuation allowance     (386 )     3,684  
Income tax (benefit) expense   $ (1,285 )   $ (2,994 )

Schedule of Deferred Tax Assets and Liabilities

The Company had temporary differences and net operating loss carry forwards from both our continuing and discontinued operations, which gave rise to deferred tax assets and liabilities at December 31, 2017 and 2016 as follows (in thousands):

 

    2017     2016  
Deferred tax assets:                
Net operating losses   $ 5,992     $ 7,288  
Environmental and closure reserves     2,158       3,189  
Depreciation and amortization     907        
Other     1,252       2,285  
Deferred tax liabilities:                
Depreciation and amortization           (162 )
Goodwill and indefinite lived intangible assets     (1,694 )     (2,362 )
Prepaid expenses     (50 )     (72 )
      8,565       10,166  
Valuation allowance     (10,259 )     (12,528 )
Net deferred income tax liabilities     (1,694 )     (2,362 )