Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Significant components of the Company’s deferred income taxes at December 31, 2020 and 2019 are shown below (table in thousands):

	2020			2019
Deferred tax assets:
Net operating loss carryforwards (i)(ii)	$	17,240		$	15,406
Compensation		837			762
Research and development tax credits (iii)		2,182			1,996
Other		311			121
Total deferred tax assets		20,570			18,285

Deferred tax liabilities:
Property and equipment		(20	)		(9	)
Other		(107	)		-
Total deferred tax liabilities		(127	)		(9	)

Total deferred taxes, net		20,443			18,276
Valuation allowance		(20,443	)		(18,276	)

Deferred tax liability, net	$	-		$	-

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

	2020			2019

Statutory federal income tax rate		21.0	%		21.0	%
Goodwill impairment		0	%		(20.1	)%
Change in valuation allowance		(22.5	)%		3.1	%
Other tax, credit and adjustments		1.5	%		(4.0	)%
Effective income tax rate		0.0	%		0.0	%