Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The income tax provision differs from the amount using the statutory federal income tax rate of 21% for 2020 and 2019 for the following reasons (in thousands):
December 31,
2020
December 31,
2019
Amount % Amount %
Tax benefit at the U.S. federal statutory rate $ (3,054) (21.00) % $ (2,888) (21.00) %
Tax rate change —  —  —  —  %
Permanent differences 0.03  % 25  0.18  %
Return to provision (5) (0.03) % (25) (0.18) %
Valuation allowance 3,054  21.00  % 2,888  21.00  %
Effective income tax rate $ —  —  % $ —  —  %
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities consist of the following (in thousands):
December 31,
2020
December 31,
2019
Assets related to:
Accounts payable and accrued liabilities $ 592  $ 588 
Stock-based compensation 1,137  — 
Net operating losses and start-up costs 11,785  9,891 
Total deferred tax assets 13,514  10,479 
Valuation allowance for deferred tax assets (13,351) (10,297)
Net deferred tax 163  182 
Liabilities related to:
Accounts receivable and prepaid expenses (30) (20)
Depreciation and amortization (133) (162)
Net deferred tax liabilities (163) (182)
Net deferred tax assets $ —  $ —