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]  
Schedule of Income Tax Provision

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

 

      2020       2019  
      Year Ended December 31,  
      2020       2019  
Current expense (benefit):                
Federal   $ -     $ -  
State     -       -  
Foreign     -       -  
Total current expense (benefit):   $ -     $ -  
                 
Deferred expense (benefit):                
Federal   $ -     $ -  
State     -       -  
Foreign     -       -  
Total deferred expense (benefit):   $ -     $ -  
                 
Total income tax expense (benefit):   $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:

 

    Year Ended December 31,  
    2020     2019  
Income at US Statutory Rate     21.00 %     21.00 %
State Taxes, net of Federal benefit     2.95 %     3.82 %
Permanent Differences     -1.28 %     -0.88 %
Tax Credits     0.75 %     1.06 %
Valuation Allowance     -24.53 %     -29.92 %
Discrete items     1.11 %     4.92 %
      0.00 %     0.00 %
Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets (liabilities) for 2020 and 2019 consist of the following (in thousands):

 

    2020     2019  
    Year Ended December 31,  
    2020     2019  
Share-based Compensation   $ 3,220     $ 2,611  
Depreciation and Amortization     (119 )     (219 )
Accrued Liability     307       275  
Net Operating Loss Carry-forwards     19,927       15,587  
R&D Credit Carryforwards     2,264       1,881  
Other     (10 )     (27 )
IPR&D     (848 )     (848 )
ROU Asset     (921 )     (1,057 )
ROU Liability     1,045       1,158  
Total Deferred tax assets   $ 24,865     $ 19,361  
Valuation allowance     (25,206 )     (19,702 )
Net deferred tax asset (liability)   $ (341 )   $ (341 )