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]  
Components of Income Tax Provision (Benefit)
Loss from continuing and discontinuing operations before income tax provision (benefit) consisted of the following (in thousands):
For the Year Ended December 31
2020 2019
United States $ (7,520) $ (5,619)
Foreign (481) (1,601)
Total $ (8,001) $ (7,220)

The provision (benefit) for income taxes from continuing and discontinuing operations consisted of the following (in thousands):
For the Year Ended December 31
2020 2019
Current:
State $   $ (512)
Deferred:
Federal $ (846) $ 687 
State (145) 766 
Foreign (433) (167)
(1,424) 1,286 
Change in valuation allowance 1,424  (1,286)
Total deferred $   $ — 
Total $   $ (512)
Income Tax Reconciliation
The provision (benefit) for income taxes from continuing and discontinuing operations for the years ended December 31, 2020 and 2019 differs from the approximate amount of income tax benefit determined by applying the U.S. federal income tax rate to pre-tax loss, due to the following:
 
  Year Ended December 31, 2020 Year Ended December 31, 2019
  Amount
(in thousands)
% of
Pretax
Loss
Amount
(in thousands)
% of
Pretax
Loss
Income tax benefit at federal statutory rate $ (1,680) 21.0  % $ (1,516) 21.0  %
State tax provision, net of federal tax benefit (148) 1.8  % 223  (3.1) %
Tax credits 20  (0.2) % 136  (1.9) %
Stock based compensation 16  (0.2) % 997  (13.8) %
Derivative warrants (41) 0.5  % (30) 0.4  %
Goodwill impairment     % 604  (8.4) %
Change in valuation allowance 1,424  (17.8) % (1,286) 17.8  %
Gain on sale of businesses 115  (1.4) %   —  %
Merger costs 170  (2.1) % 246  (3.4) %
Foreign operations 124  (1.6) % 109  (1.5) %
Other     % —  %
Income tax (benefit) provision $     % $ (512) 7.1  %
Components of Approximate Deferred Tax
Approximate deferred taxes consist of the following components as of December 31, 2020 and 2019 (in thousands):
 
2020 2019
Deferred tax assets:
Net operating loss carryforwards $ 27,300  $ 26,317 
Accruals and reserves 1,212  1,544 
Stock based compensation 87  75 
Research and development tax credits 1,780  1,800 
Derivative warrant liability 17  17 
Interest deduction carryforward 1,500  1,470 
Investment in joint venture   161 
Intangible assets 114   
Other 6 
Total deferred tax assets 32,016  31,390 
Less valuation allowance (31,921) (30,497)
Net deferred tax assets 95  893 
Deferred tax liabilities
Fixed assets (95) (132)
Goodwill and intangible assets   (761)
Net deferred taxes $   $ —