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 Components of Income Tax Expense (Benefit)
The provision for income taxes consists of the following components (in thousands):  
 
 
December 31, 2017
 
December 31, 2016
Current Expense (Benefit):
 
 

 
 

Federal
 
$

 
$

State
 

 

Current Income Tax Expense
 
$

 
$

Deferred Expense (Benefit):
 
 

 
 

Federal
 
$

 
$

State
 

 

Deferred Income Tax Expense
 
$

 
$

Net Deferred Taxes
 
$

 
$

Summary of Valuation Allowance
The following summarizes activity related to the Company’s valuation allowance (in thousands):
 
 
 
December 31, 2017
 
December 31, 2016
Valuation Allowance at Beginning of Period
 
$
1,397

 
$
155

Income Tax Benefit
 
1,164

 
1,242

Release of Valuation Allowance
 

 

Valuation Allowance at End of Period
 
$
2,561

 
$
1,397

Schedule of Effective Income Tax Rate Reconciliation
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 (in thousands):
 
 
 
December 31, 2017
 
December 31, 2016
(amounts in thousands)
 
Amount
 
Percent
 
Amount
 
Percent
Federal Tax Benefit at Statutory Rate
 
$
3,334

 
34.00
 %
 
$
1,335

 
34.00
 %
State Tax Benefit Net of Federal
 
(117
)
 
(1.20
)%
 
137

 
3.48
 %
IPO Costs
 
(76
)
 
(0.77
)%
 
(227
)
 
(5.78
)%
Stock Warrant Costs
 
(395
)
 
(4.03
)%
 

 
 %
Other Permanent Differences
 
(9
)
 
(0.09
)%
 
(3
)
 
(0.08
)%
Change in Deferred Tax Rate due to Tax Reform
 
(1,562
)
 
(15.93
)%
 

 
 %
Other
 
(11
)
 
(0.11
)%
 

 
 %
Increase in Valuation Allowance
 
(1,164
)
 
(11.87
)%
 
(1,242
)
 
(31.62
)%
Total Tax (Expense) / Benefit
 
$

 
 %
 
$

 
 %
Schedule of Deferred Tax Assets and Liabilities
The principal components of the Company’s deferred tax assets and liabilities consist of the following at December 31, 2017 and 2016 (in thousands):
 
 
December 31, 2017
 
December 31, 2016
Deferred Tax Assets:
 
 

 
 

Start Up Costs
 
$
1,105

 
$
735

Federal Net Operating Loss Carryforwards
 
1,275

 
520

State Tax Loss Carryforwards
 
9

 
50

Deferred Compensation
 
176

 
96

Total Deferred Tax Assets
 
$
2,565

 
$
1,401

Less Valuation Allowance
 
(2,561
)
 
(1,397
)
Net Deferred Tax Assets
 
$
4

 
$
4

Deferred Tax Liabilities:
 
 

 
 

Fixed Assets
 
(4
)
 
(4
)
Total Deferred Tax Liabilities
 
$
(4
)
 
$
(4
)
Net Deferred Taxes
 
$

 
$