Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
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,  
    2017     2016  
Federal statutory rate     (35.0 )%     (35.0 )%
State taxes, net of federal benefit     (5.1 )%     (3.4 )%
Return to provision     (0.2 )%     0.0 %
Equity related expenses     (10.4 )%     (1.8 )%
Change in statutory rate     272.7 %     0.0 %
Change in valuation allowance     (221.1 )%     40.1 %
Other permanent differences     0.1 %     0.1 %
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,  
    2017     2016  
Deferred tax assets:                
Net operating loss carryforwards   $ 41,840     $ 61,279  
Stock-based compensation     2,907       4,373  
Inventory Reserve     2,340       1,846  
Federal R&D Credit     2,222       2,222  
Accrued Expenses     492       640  
 Depreciation     -       474  
Other     108       248  
Total deferred tax assets     49,909       71,082  
                 
Deferred tax liabilities:                
Depreciation     (37 )     -  
Intangibles     (210 )     (697 )
                 
Total deferred tax liabilities     (247 )     (697 )
Less valuation allowance     (49,796 )     (70,519 )
Net deferred tax liability   $ (134 )    $ (134 )