Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The provision for income taxes consists of the following components (in thousands):
 
 
 
December 31,
 
December 31,
 
 
 
2016
 
2015
 
Current Expense (Benefit):
 
 
 
 
 
 
 
Federal
 
$
0
 
$
0
 
State
 
 
0
 
 
0
 
Current Income Tax Expense
 
$
0
 
$
0
 
 
 
 
 
 
 
 
 
Deferred Expense (Benefit):
 
 
 
 
 
 
 
Federal
 
$
0
 
$
0
 
State
 
 
0
 
 
0
 
Deferred Income Tax Expense
 
$
0
 
$
0
 
Net Deferred Taxes
 
$
0
 
$
0
 
Summary of Valuation Allowance [Table Text Block]
The following summarizes activity related to the Company’s valuation allowance (in thousands):
 
 
 
December 31,
 
December 31,
 
 
 
2016
 
2015
 
Valuation Allowance at Beginning of Period
 
$
155
 
$
0
 
Income Tax Benefit
 
 
1,242
 
 
155
 
Release of Valuation Allowance
 
 
0
 
 
0
 
Valuation Allowance at End of Period
 
$
1,397
 
$
155
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows:
 
 
 
December 31, 2016
 
 
December 31, 2015
 
 
 
Amount
 
Percent
 
 
Amount
 
Percent
 
Federal Tax Benefit at Statutory Rate
 
$
1,335
 
 
34.00
%
 
$
254
 
 
34.00
%
State Tax Benefit Net of Federal
 
 
137
 
 
3.48
%
 
 
0
 
 
0.00
%
IPO Costs
 
 
(227)
 
 
(5.78)
%
 
 
(99)
 
 
(13.24)
%
Other Permanent Differences
 
 
(3)
 
 
(0.08)
%
 
 
0
 
 
0.00
%
Increase in Valuation Allowance
 
 
(1,242)
 
 
(31.62)
%
 
 
(155)
 
 
(20.76)
%
Total Tax (Expense) / Benefit
 
$
0
 
 
0.00
%
 
$
0
 
 
0.00
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The principal components of the Company’s deferred tax assets and liabilities consist of the following at December 31, 2016 and 2015 (in thousands):
 
 
 
December 31,
 
December 31,
 
 
 
2016
 
2015
 
Deferred Tax Assets:
 
 
 
 
 
 
 
Start Up Costs
 
$
798
 
$
67
 
Federal Net Operating Loss Carryforwards
 
 
520
 
 
89
 
State Tax Loss Carryforwards
 
 
50
 
 
0
 
Deferred Compensation
 
 
33
 
 
0
 
Total Deferred Tax Assets
 
$
1,401
 
$
155
 
Less Valuation Allowance
 
 
(1,397)
 
 
(155)
 
Net Deferred Tax Assets
 
$
4
 
$
0
 
Deferred Tax Liabilities:
 
 
 
 
 
 
 
Fixed Assets
 
 
(4)
 
 
0
 
Total Deferred Tax Liabilities
 
$
(4)
 
$
0
 
Net Deferred Taxes
 
$
0
 
$
0