Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 were as follows:

 

 

 

 

 

 

 

 

(in thousands)

    

2020

    

2019

Domestic

 

$

(12,702)

 

$

(12,028)

Foreign

 

 

 —

 

 

(2)

Loss before provision for income taxes

 

$

(12,702)

 

$

(12,030)

 

Schedule of Components of Income Tax Expense

The following represent components of the income tax expense for the years ended December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

Year Ended

 

Year Ended

 

 

December 31, 

 

December 31, 

(in thousands)

    

2020

    

2019

Current:

 

 

  

 

 

  

Federal

 

$

 —

 

$

 —

State

 

 

 3

 

 

 8

Foreign

 

 

 —

 

 

 —

Total current provision for income taxes

 

 

 3

 

 

 8

Deferred:

 

 

 

 

 

 

Federal

 

 

 —

 

 

 —

State

 

 

 —

 

 

 —

Foreign

 

 

 —

 

 

 —

Total deferred provision for income taxes

 

 

 —

 

 

 —

Total

 

$

 3

 

$

 8

 

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, 2020 and 2019 are presented below:

 

 

 

 

 

 

 

 

 

    

Year Ended

    

Year Ended

 

 

December 31, 

 

December 31, 

(in thousands)

 

2020

 

2019

Deferred tax assets:

 

 

 

 

 

 

Net operating loss

 

$

10,560

 

$

7,170

Accruals and reserves

 

 

104

 

 

80

Amortization of intangible assets

 

 

1,635

 

 

1,983

Other

 

 

209

 

 

206

Gross deferred tax assets

 

 

12,508

 

 

9,439

Valuation allowance

 

 

(12,449)

 

 

(9,382)

Total deferred tax assets

 

 

59

 

 

57

Deferred tax liabilities:

 

 

 

 

 

 

Prepaid expenses

 

 

(59)

 

 

(57)

Total deferred tax liabilities

 

 

(59)

 

 

(57)

Net deferred tax assets

 

$

 —

 

$

 —

 

Schedule of Effective Income Tax Rate Reconciliation

Provision for income taxes for the years ended December 31, 2020 and 2019 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, 

 

(in thousands)

    

2020

    

2019

 

Effective tax rate reconciliation:

 

  

 

  

 

Income tax provision at statutory rate

 

21.0

%  

21.0

%

State taxes, net of federal benefit

 

 —

 

(0.1)

 

Other permanent differences

 

(3.6)

 

(1.2)

 

Change in valuation allowance

 

(17.4)

 

(19.7)

 

Provision for income taxes

 

 —

%  

 —

%