|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Income Tax Disclosure [Abstract] |
|
| Income tax expense |
Our income tax expense consisted of the following:
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For the Years Ended December 31, |
|
2012 |
|
2011 |
|
2010 |
Current taxes: |
|
|
|
|
|
Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State |
1,319 |
|
|
3,229 |
|
|
942 |
|
Foreign |
2,265 |
|
|
2,741 |
|
|
1,370 |
|
Total current taxes |
3,584 |
|
|
5,970 |
|
|
2,312 |
|
Deferred taxes: |
|
|
|
|
|
Federal |
(2,729,823 |
) |
|
3,991 |
|
|
4,163 |
|
State |
(271,995 |
) |
|
4,273 |
|
|
(1,855 |
) |
Total deferred taxes |
(3,001,818 |
) |
|
8,264 |
|
|
2,308 |
|
Total income tax (benefit) expense |
$ |
(2,998,234 |
) |
|
$ |
14,234 |
|
|
$ |
4,620 |
|
|
| Difference between the federal tax benefit at statutory rate and at our effective rate |
The following table indicates the significant elements contributing to the difference between the federal tax (benefit) expense at the statutory rate and at our effective rate:
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For the Years Ended December 31, |
|
2012 |
|
2011 |
|
2010 |
Federal tax expense, at statutory rate |
$ |
166,064 |
|
|
$ |
154,418 |
|
|
$ |
16,678 |
|
State income tax expense, net of federal benefit |
16,606 |
|
|
15,751 |
|
|
1,620 |
|
State income rate changes |
2,251 |
|
|
3,851 |
|
|
(2,252 |
) |
Non-deductible expenses |
477 |
|
|
457 |
|
|
4,130 |
|
Change in valuation allowance |
(3,195,651 |
) |
|
(166,452 |
) |
|
(21,749 |
) |
Other, net |
12,019 |
|
|
6,209 |
|
|
6,193 |
|
Income tax (benefit) expense |
$ |
(2,998,234 |
) |
|
$ |
14,234 |
|
|
$ |
4,620 |
|
|
| Temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are represented below:
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For the Years Ended December 31, |
|
2012 |
|
2011 |
Deferred tax assets: |
|
|
|
Net operating loss carryforwards |
$ |
2,493,239 |
|
|
$ |
3,025,621 |
|
GM payments and liabilities |
80,742 |
|
|
194,976 |
|
Deferred revenue |
511,700 |
|
|
410,812 |
|
Severance accrual |
46 |
|
|
21 |
|
Accrued bonus |
23,798 |
|
|
17,296 |
|
Expensed costs capitalized for tax |
26,569 |
|
|
35,227 |
|
Loan financing costs |
428 |
|
|
1,575 |
|
Investments |
39,915 |
|
|
40,880 |
|
Stock based compensation |
64,636 |
|
|
89,862 |
|
Other |
34,705 |
|
|
42,924 |
|
Total deferred tax assets |
3,275,778 |
|
|
3,859,194 |
|
Deferred tax liabilities: |
|
|
|
Depreciation of property and equipment |
(185,007 |
) |
|
(405,892 |
) |
FCC license |
(772,550 |
) |
|
(781,742 |
) |
Other intangible assets |
(165,227 |
) |
|
(188,988 |
) |
Other |
— |
|
|
(189 |
) |
Total deferred tax liabilities |
(1,122,784 |
) |
|
(1,376,811 |
) |
Net deferred tax assets before valuation allowance |
2,152,994 |
|
|
2,482,383 |
|
Valuation allowance |
(9,835 |
) |
|
(3,360,740 |
) |
Total net deferred tax asset (liability) |
$ |
2,143,159 |
|
|
$ |
(878,357 |
) |
|
| Changes in our uncertain income tax positions |
Changes in our uncertain income tax positions, from January 1 through December 31 are presented below:
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2012 |
|
2011 |
Balance, beginning of year |
$ |
1,432 |
|
|
$ |
942 |
|
Additions for tax positions from prior years |
— |
|
|
490 |
|
Balance, end of year |
$ |
1,432 |
|
|
$ |
1,432 |
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