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]  
Schedule of Reconciliation of Income Tax Expense (Benefit)

A reconciliation of income tax expense (benefit) for the years ended December 31, 2019 and 2018 is as follows (in thousands):

 

    2019     2018  
Current:                
Federal   $ -     $ -  
State     -       -  
Total current income tax expense     -       -  
                 
Deferred:                
Federal     -       (10,347 )
State     -       (3,235 )
Total deferred income tax benefit     -       (13,582 )
Total income tax benefit   $ -     $ (13,582 )

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred income taxes at December 31, 2019 and 2018 are shown below (in thousands):

 

    2019     2018  
Deferred tax assets:                
Net operating loss carryforwards (i)(ii)   $ 15,406     $ 16,849  
Compensation     762       819  
Research and development tax credits (iii)     1,996       2,023  
Property and equipment     (9 )     4  
Other     121       84  
Total deferred tax assets, gross     18,425       19,779  
                 
Deferred tax liabilities:                
Acquired in-process research and development     -       -  
                 
Total deferred taxes, net     18,425       19,779  
Valuation allowance     (18,425 )     (19,779 )
                 
Deferred tax liability, net   $ -     $ -  

 

Balances of deferred tax assets as of December 31, 2019 and 2018, include the following, respectively:

 

  (i) California net operating loss carryforwards of $0 and $1,190,000,
  (ii) Georgia net operating loss carry forwards of $0 and $543,000,
  (iii) California research and development tax credits of $0 and $203,000.
  (iv) Florida net operating loss carryforwards of $35,000 and $28,000.

Schedule of Reconciliation of Federal Statutory Income Tax Rate

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

    2019     2018  
             
Statutory federal income tax rate     21.0 %     21.0 %
Goodwill impairment     (20.1 )%     0.0 %
Change in valuation allowance     3.1 %     (3.1) %
Other tax, credit and adjustments     (4.0 )%     (3.8 )%
Effective income tax rate     0.0 %     21.7 %