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 Income Tax Provision

The components of the income tax provision are as follows (in thousands):

 

    Year Ended December 31,  
    2019     2018  
Current expense (benefit):                
Federal   $ -     $ -  
State     -       -  
Foreign     -       -  
Total current expense (benefit):   $ -     $ -  
                 
Deferred expense (benefit):                
Federal   $ -     $ (506,920 )
State                
Foreign     -       -  
Total deferred expense (benefit):   $ -     $ (506,920 )
                 
Total income tax expense (benefit):   $ -     $ (506,920 )

Schedule of Effective Income Tax Rate Reconciliation

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

 

    Year Ended December 31,  
    2019     2018  
Income at US Statutory Rate     21.00 %     21.00 %
State Taxes, net of Federal benefit     3.82 %     8.22 %
Permanent Differences     -0.88 %     -0.48 %
Tax Credits     1.06 %     0.68 %
Tax Law Change     -       3.47 %
Valuation Allowance     -29.92 %     -30.41 %
Discrete items     4.92 %     0.99 %
      0.00 %     3.47 %

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets (liabilities) for 2019 and 2018 consist of the following (in thousands):

 

    Year Ended December 31,  
    2019     2018  
Share-based Compensation   $ 2,611     $ 1,288  
Depreciation and Amortization     (219 )     (11 )
Accrued Liability     275       -  
Net Operating Loss Carry-forwards     15,587       12,270  
R&D Credit Carryforwards     1,881       1,314  
Other     (27 )     150  
IPR&D     (848 )     (848 )
ROU Asset     (1,057 )     -  
ROU Liability     1,158       -  
Total Deferred tax assets   $ 19,361     $ 14,163  
Valuation allowance     (19,702 )     (14,504 )
Net deferred tax asset (liability)   $ (341 )   $ (341 )