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
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The provision (benefit) for income taxes for the 2016 Successor period consists of the following:
 
 
 
Successor
 
 
 
July 20, 2016
 
 
 
through
 
 
 
December 31,
 
(in thousands)
 
2016
 
Current tax provision
 
 
 
 
U.S. Federal
 
$
-
 
State and local
 
 
17
 
Total current tax provision
 
 
17
 
 
 
 
 
 
Deferred tax benefit
 
 
 
 
U.S. Federal
 
 
(3,219)
 
State and local
 
 
(669)
 
Total deferred tax benefit
 
 
(3,888)
 
Provision (benefit) for income taxes
 
$
(3,871)
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of deferred tax assets (liabilities) were as follows:
 
 
 
Successor
 
 
 
As of
 
 
 
December 31,
 
(in thousands)
 
2016
 
Deferred tax assets:
 
 
 
 
Accrued expenses
 
$
340
 
Allowance for doubtful accounts
 
 
74
 
Intangibles
 
 
974
 
Goodwill
 
 
6,832
 
Startup costs
 
 
176
 
Deferred rent
 
 
84
 
Percentage of completion
 
 
38
 
Net operating losses
 
 
280
 
Total deferred tax assets
 
 
8,798
 
 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
Fixed assets
 
 
(4,530)
 
Total deferred tax liabilities
 
 
(4,530)
 
 
 
 
 
 
Net deferred tax asset
 
$
4,268
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the federal statutory income tax rate to the Company’s effective tax rate is as follows:
 
 
 
Successor
 
 
 
July 20, 2016
 
 
 
through
 
 
 
December 31,
 
 
 
2016
 
Federal statutory income tax rate
 
 
34.0
%
State income taxes, net of federal tax effect
 
 
4.6
%
Change in valuation allowance
 
 
49.0
%
Permanent differences
 
 
-9.6
%
Other
 
 
-0.4
%
Effective tax rate
 
 
77.6
%