MD&A - Q1- TAXESConsistent with the comparable period in 2017, the three months ended March 31, 2018 incurred no income taxes. This is the result of prior year net operating loss carry forwards, unrecognized deferred tax assets, as well as a more favorable federal tax environment in the United States.
Recent tax changes allow for accelerated deductions for capital expenditures and lower corporate tax rates. Additionally, as disclosed in our prior year annual consolidated financial statements, we had an
unrecognized tax shield of over $58 million.
As a result, we expect the Company will incur very minimal income taxes in the future, and most near-term tax payments will result from immaterial state tax liabilities.