Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets (liabilities) are as follows:

 

     December 31,  
     2016      2015  

Accounts receivable

   $ 0.5      $ 0.4  

Inventories

     1.0        1.3  

Stock options

     2.2        1.4  

Accrued liabilities

     2.3        0.8  

Net operating loss carryforwards

     9.8        11.1  
  

 

 

    

 

 

 

Total deferred tax assets

     15.8        15.0  
  

 

 

    

 

 

 

Depreciation

     (0.2      (0.1

Intangible assets

     (9.0      (9.8
  

 

 

    

 

 

 

Total deferred tax liabilities

     (9.2      (9.9
  

 

 

    

 

 

 

Valuation allowance

     (6.6      (5.1
  

 

 

    

 

 

 

Net deferred tax asset (liability)

   $ —        $ —    
  

 

 

    

 

 

 
Reconciliation of Tax Computed at Statutory Rate to Income Tax Expenses

The following is a reconciliation of tax computed at the statutory federal rate to the income tax expense in the statements of operations for the years ended December 31, 2016, 2015, and 2014:

 

     December 31,  
     2016     2015     2014  
     Amount     %     Amount     %     Amount     %  

Tax benefit at statutory federal rate

   $ (0.3     (34.0   $ (0.8     (34.0   $ (4.0     (34.0

Change in valuation allowance

     1.5       178.8       0.4       16.2       5.0       42.5  

Non-deductible expenses

     0.5       57.0       1.1       45.0       0.2       1.4  

Adjustment to net operating loss carryforwards

     —         —         (0.5     (21.1     (0.1     (1.0

Tax benefit of acquisition

     —         —         —         —         (6.6     (55.8

Other adjustments

     (1.7     (201.8     (0.2     (6.1     (1.1     (8.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax benefit

   $ —         —       $ —         —       $ (6.6     (55.8