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 Reconciliation Statutory Federal Income Tax Provision to Actual Income Tax Benefit

The following  is a reconciliation of the expected statutory federal income tax provision to the actual income tax expense:

 

    December 31,  
    2020     2019  
Federal statutory rate     (21.0 )%     (21.0 )%
State taxes, net of federal benefit     (4.4 )%     (7.0 )%
Return to provision     0.0 %     (11.2 )%
Equity related expenses     (2.6 )%     (5.7 )%
Change in valuation allowance     28.0 %     44.9 %
Total income tax expense     0.0 %     0.0 %
Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

 

    December 31,  
    2020     2019  
Deferred tax assets:                
Net operating loss carryforwards   $ 50,005     $ 48,104  
Stock-based compensation     2,929       2,918  
Federal R&D credit     2,222       2,222  
Accrued expenses     135       112  
Depreciation     -       27  
Intangibles     103       1  
Total deferred tax assets     55,394       53,384  
Deferred tax liabilities:                
Depreciation     (29 )     -  
Right of Use Asset/Liabilities     (11 )     -  
                 
Total deferred tax liabilities     (40 )     -  
Less valuation allowance     (55,354 )     (53,384 )
Net deferred tax liability   $ -     $ -  

 

    December 31,  
    2020     2019  
             
Pre-tax book income tax at statutory rate   $ (1,476 )   $ (1,007 )
State taxes, net of federal benefit     (312 )     (336 )
Return to provision     1       (538 )
Equity related expenses     (182 )     (274 )
Change in valuation allowance     1,970       2,153  
Other     (1 )     2  
Total income tax expense   $ -     $ -