Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation Reconciliations of the differences between the benefit for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (dollars in thousands):

 

 

 

2018

 

 

2017

 

 

 

Amount

 

 

Percent of Pretax Income

 

 

Amount

 

 

Percent of Pretax Income

 

Income taxes from continuing operations at statutory rate

 

$

(4,033

)

 

 

21.0

%

 

$

(8,520

)

 

 

34.0

%

State income taxes

 

 

(985

)

 

 

5.1

%

 

 

(1,075

)

 

 

4.3

%

State effect of permanent items

 

 

(585

)

 

 

3.0

%

 

 

(112

)

 

 

0.4

%

Stock-based compensation

 

 

94

 

 

 

(0.5

)%

 

 

35

 

 

 

(0.1

)%

Deferred rate change

 

 

438

 

 

 

(2.3

)%

 

 

23,776

 

 

 

(94.9

)%

Warrants issuance

 

 

(2,492

)

 

 

13.0

%

 

 

(928

)

 

 

3.7

%

Other

 

 

71

 

 

 

(0.34

)%

 

 

828

 

 

 

(3.3

)%

NOL sale

 

 

(3,938

)

 

 

20.5

%

 

 

 

 

 

 

Increase in valuation allowance

 

 

4,694

 

 

 

(24.4

)%

 

 

(14,004

)

 

 

55.9

%

Total income tax benefit

 

$

(6,736

)

 

 

35.1

%

 

$

 

 

 

%

Schedule of Deferred Tax Assets and Liabilities

 

The components of deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows (in thousands):

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Current deferred tax assets:

 

 

 

 

 

 

 

 

Accrued expenses

 

$

 

 

$

182

 

Stock-based compensation

 

 

 

 

 

1,309

 

Other

 

 

 

 

49

 

 

 

 

 

 

 

1,540

 

Noncurrent deferred tax assets (liabilities)

 

 

 

 

 

 

 

 

Accrued expenses

 

 

132

 

 

 

 

Stock-based compensation

 

 

1,911

 

 

 

 

Other

 

 

(31

)

 

 

 

Net operating loss carryforwards

 

 

44,730

 

 

 

40,504

 

Research and development credits

 

 

3,226

 

 

 

3,230

 

 

 

 

49,968

 

 

 

43,734

 

Total deferred tax assets

 

 

49,968

 

 

 

45,274

 

Valuation allowances

 

 

(49,968

)

 

 

(45,274

)

Net deferred tax assets

 

$

 

 

$

 

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits as of December 31, 2018 and 2017 (in thousands):

 

 

 

December 31,

 

 

 

2018

 

 

2017

 

Unrecognized tax benefit—January 1

 

$

436

 

 

$

623

 

Additions for tax positions of current period

 

 

 

 

 

 

Additions for tax positions of prior periods

 

 

 

 

 

 

Deferred rate change

 

 

 

 

 

(187

)

Unrecognized tax benefit—December 31

 

$

436

 

 

$

436