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 before Income Tax, Domestic and Foreign
The domestic and foreign components of loss before income taxes for the years ended December 31, 2020 and 2019 are as follows (in thousands):
For the Years Ended December 31,
2020 2019
Domestic $ (24,387) $ (32,116)
Foreign (4,883) (2,450)
Loss from Continuing Operations before Provision for Income Taxes $ (29,270) $ (34,566)
Schedule of Components of Income Tax Expense (Benefit)
The income tax benefit for the years ended December 31, 2020 and 2019 consists of the following (in thousands):
For the Years Ended December 31,
2020 2019
Foreign
Current $ 31  $ — 
Deferred (1,815) (844)
U.S. federal —  — 
Current —  — 
Deferred (5,367) (5,177)
State and local —  — 
Current — 
Deferred (1,181) (898)
(8,329) (6,919)
Change in valuation allowance 8,273  6,335 
Income Tax Benefit $ (56) $ (584)
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation between the U.S. statutory federal income tax rate and the Company’s effective rate for the years ended December 31, 2020 and 2019 is as follows:
For the Years Ended December 31,
2020 2019
U.S. federal statutory rate 21.0  % 21.0  %
State income taxes, net of federal benefit 3.2  % 2.0  %
Incentive stock options (0.4) % (0.7) %
US-Foreign income tax rate difference 1.0  % 0.4  %
Other permanent items —  % 0.1  %
Provision to return adjustments (0.8) % —  %
Deferred only adjustment 4.5  % (2.7) %
Change in valuation allowance (28.3) % (18.3) %
Effective Rate 0.2  % 1.8  %
Schedule of Deferred Tax Assets and Liabilities
As of December 31, 2020 and 2019, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following:
As of December 31,
(in 000s) 2020 2019
Deferred Tax Asset
Net operating loss carryovers $ 30,731  $ 8,918 
Stock based compensation 1,253  1,114 
Research credits 138  135 
Accrued compensation 86  36 
Reserves 151  242 
Intangibles 7,411  2,361 
Fixed assets 471  39 
Other 3,349  3,046 
Total Deferred Tax Asset 43,590  15,891 
Less: valuation allowance (38,287) (13,902)
Deferred Tax Asset, Net of Valuation Allowance $ 5,303  $ 1,989 
As of December 31,
Deferred Tax Liabilities 2020 2019
Intangible assets $ (4,362) $ (1,671)
Fixed assets (135) — 
Other (440) (53)
Capitalized research (366) (352)
Total deferred tax liabilities (5,303) (2,076)
Net Deferred Tax Asset (Liability) $ —  $ (87)