Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
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
 
 
2019
 
2018
United States
 
$
(5,619
)
 
$
(19,793
)
Foreign
 
(1,601
)
 
(580
)
Total
 
$
(7,220
)
 
$
(20,373
)

The provision (benefit) for income taxes from continuing and discontinuing operations consisted of the following (in thousands):

 
 
For the Year Ended December 31
 
 
2019
 
2018
Current:
 
 
 
 
State
 
$
(512
)
 
$

 
 
 
 
 
Deferred:
 
 
 
 
Federal
 
$
687

 
$
(4,112
)
State
 
766

 
12

Foreign
 
(167
)
 
52

 
 
1,286

 
(4,048
)
Change in valuation allowance
 
(1,286
)
 
4,048

Total deferred
 
$

 
$

 
 
 
 
 
Total
 
$
(512
)
 
$

Income Tax Reconciliation
The provision (benefit) for income taxes from continuing and discontinuing operations for the years ended December 31, 2019 and 2018 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, 2019
 
Year Ended December 31, 2018
 
 
Amount
(in thousands)
 
% of
Pretax
Loss
 
Amount
(in thousands)
 
% of
Pretax
Loss
Income tax benefit at federal statutory rate
 
$
(1,516
)
 
21.0
 %
 
$
(4,278
)
 
21.0
 %
State tax provision, net of federal tax benefit
 
223

 
(3.1
)%
 
226

 
(1.1
)%
Tax credits
 
136

 
(1.9
)%
 
(60
)
 
0.3
 %
Stock based compensation
 
997

 
(13.8
)%
 
211

 
(1.0
)%
Derivative warrants
 
(30
)
 
0.4
 %
 
(766
)
 
3.7
 %
Change in valuation allowance
 
(1,286
)
 
17.8
 %
 
4,048

 
(19.9
)%
Goodwill impairment
 
604

 
(8.4
)%
 

 
 %
Foreign operations
 
109

 
(1.5
)%
 
508

 
(2.5
)%
Gain on sale of businesses
 
246

 
(3.4
)%
 

 
 %
Other
 
5

 
 %
 
111

 
(0.5
)%
Income tax (benefit) provision
 
$
(512
)
 
7.1
 %
 
$

 
 %
Components of Approximate Deferred Tax
Approximate deferred taxes consist of the following components as of December 31, 2019 and 2018 (in thousands):
 
 
 
2019
 
2018
Deferred tax assets:
 
 
 
 
Net operating loss carryforwards
 
$
26,317

 
$
25,999

Accruals and reserves
 
3,014

 
4,328

Stock based compensation
 
75

 
1,020

Research and development tax credits
 
1,800

 
1,936

Derivative warrant liability
 
17

 
17

Investment in joint venture
 
161

 
162

Other
 
6

 
6

Total deferred tax assets
 
31,390

 
33,468

Less valuation allowance
 
(30,497
)
 
(31,783
)
Net deferred tax assets
 
893

 
1,685

Deferred tax liabilities
 
 
 
 
Fixed assets
 
(132
)
 
(352
)
Goodwill and intangible assets
 
(761
)
 
(1,333
)
Net deferred taxes
 
$

 
$