Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
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):

 

 

 

2020

 

 

2019

 

 

 

Amount

 

 

Percent of Pretax Income

 

 

Amount

 

 

Percent of Pretax Income

 

Income taxes from continuing operations at statutory rate

 

$

(12,250

)

 

 

21.0

%

 

$

(11,279

)

 

 

21.0

%

State income taxes

 

 

(4,108

)

 

 

7.0

%

 

 

(3,778

)

 

 

7.0

%

State effect of permanent items

 

 

78

 

 

 

(0.1

)%

 

 

285

 

 

 

(0.5

)%

Stock-based compensation

 

 

96

 

 

 

(0.2

)%

 

 

100

 

 

 

(0.2

)%

Deferred rate change

 

 

 

 

 

 

 

 

(905

)

 

 

1.6

%

Warrants issuance

 

 

131

 

 

 

(0.2

)%

 

 

733

 

 

 

(1.4

)%

Other

 

 

206

 

 

 

(0.3

)%

 

 

883

 

 

 

(1.5

)%

NOL sale

 

 

301

 

 

 

(0.5

)%

 

 

 

 

 

 

R&D credit adjustment

 

 

2

 

 

 

 

 

 

(2,760

)

 

 

5.1

%

Increase in valuation allowance

 

 

12,396

 

 

 

(21.3

)%

 

 

16,721

 

 

 

(31.1

)%

Total income tax benefit

 

$

(3,148

)

 

 

5.4

%

 

$

 

 

 

%

Schedule of Deferred Tax Assets and Liabilities

 

The components of deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands):

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Noncurrent deferred tax assets (liabilities)

 

 

 

 

 

 

 

 

Accrued expenses

 

$

148

 

 

$

107

 

Stock-based compensation

 

 

2,591

 

 

 

2,436

 

Lease liability

 

 

935

 

 

 

945

 

Other

 

 

(823

)

 

 

(856

)

Net operating loss carryforwards

 

 

70,936

 

 

 

58,073

 

Research and development credits

 

 

5,291

 

 

 

5,984

 

     Total deferred tax assets

 

 

79,078

 

 

 

66,689

 

Valuation allowances

 

 

(79,078

)

 

 

(66,689

)

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, 2020 and 2019 (in thousands):

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Unrecognized tax benefit—January 1

 

$

436

 

 

$

436

 

Additions for tax positions of current period

 

 

 

 

 

 

Additions for tax positions of prior periods

 

 

 

 

 

 

Deferred rate change

 

 

 

 

 

 

Unrecognized tax benefit—December 31

 

$

436

 

 

$

436