Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of loss before provision for income taxes for the years ended December 31, 2021 and 2020 were as follows:

(in thousands)

    

2021

    

2020

Domestic

$

(11,818)

$

(12,702)

Foreign

 

 

Total

$

(11,818)

$

(12,702)

Schedule of Components of Income Tax Expense

The following represent components of the income tax expense for the years ended December 31, 2021 and 2020:

Year Ended

Year Ended

December 31, 

December 31, 

(in thousands)

    

2021

    

2020

Current:

 

  

 

  

Federal

$

$

State

 

2

 

3

Foreign

 

 

Total current provision for income taxes

$

2

$

3

Deferred:

 

 

Federal

 

 

State

 

 

Foreign

 

 

Total deferred provision for income taxes

 

 

Total

$

2

$

3

Schedule of Deferred Tax Assets and Liabilities

Tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets at December 31, 2021 and 2020 are presented below:

    

Year Ended

    

Year Ended

December 31, 

December 31, 

2021

2020

Deferred tax assets:

Net operating loss

$

13,846

$

10,560

Accruals and reserves

 

142

 

104

Amortization of intangible assets

 

1,283

 

1,635

Other

 

355

 

209

Gross deferred tax assets

 

15,626

 

12,508

Valuation allowance

 

(15,564)

 

(12,449)

Total deferred tax assets

 

62

 

59

Deferred tax liabilities:

 

 

Prepaid expenses

 

(62)

 

(59)

Total deferred tax liabilities

 

(62)

 

(59)

Net deferred tax assets

$

$

Schedule of Effective Income Tax Rate Reconciliation

Utilization of the Company’s net operating losses and credit carryforwards may be subject to annual limitations in the event of a Section 382 ownership change. Such future limitations could result in the expiration of net operating losses and credit carryforwards before utilization as a result of such an ownership change.

Provision for income taxes for the years ended December 31, 2021 and 2020 differed from the amounts computed by applying the statutory federal income tax rate of 21% to the loss before provision for income taxes as a result of the following:

Year Ended December 31, 

 

    

2021

    

2020

 

Effective tax rate reconciliation:

 

  

 

  

Income tax provision at statutory rate

 

21.0

%  

21.0

%

State taxes, net of federal benefit

 

 

Other permanent differences

 

(0.8)

 

(3.6)

Change in valuation allowance

 

(20.2)

 

(17.4)

Provision for income taxes

 

%  

%