Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes consists of the following components (in thousands):  
Year Ended December 31,
2019 2018
Current expense (benefit):    
Federal $ —    $ —   
State —    —   
Foreign (229)   —   
Current income tax benefit (229)   —   
Deferred expense (benefit):          
Federal —    —   
State —    —   
Foreign —    —   
Deferred income tax expense —    —   
Total $ (229)   $ —   
Schedule of Valuation Allowance
The following summarizes activity related to the Company’s valuation allowance (in thousands): 

Year Ended December 31,
2019 2018
Valuation allowance at beginning of period $ 5,855    $ 2,561   
Income tax benefit 3,563    3,294   
Release of valuation allowance —    —   
Valuation allowance at end of period $ 9,418    $ 5,855   
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):
 
Year Ended December 31,
2019 2018
Amount Percent Amount Percent
Federal tax benefit at statutory rate $ 2,773    21.00  % $ 2,494    21.00  %
State tax benefit net of federal (4)   (0.03) % 18    0.15  %
Foreign rate differential 11    0.09  % 43    0.36  %
IPO costs —    —  % (112)   (0.94) %
Stock warrant costs 853    6.46  % 669    5.63  %
Other permanent differences (72)   (0.54) % (8)   (0.07) %
Permanent PTR items 107    0.81  % 190    1.60  %
Stock compensation change (34)   (0.26) % —    —  %
Research and development tax credits 229    1.73  % —    —  %
Uncertain tax provision (33)   (0.26) % —    —  %
Other (38)   (0.29) % —    —  %
Increase in valuation allowance (3,563)   (26.98) % (3,294)   (27.73) %
Total tax (expense) benefit $ 229    1.73  % $ —    —  %
Schedule of Deferred Tax Assets and Liabilities The principal components of the Company’s deferred tax assets and liabilities consist of the following (in thousands):
Year Ended December 31,
2019 2018
Deferred tax assets:    
Start-up costs $ 2,991    $ 1,962   
Federal net operating loss carryforwards 5,376    3,153   
State tax loss carryforwards 19    21   
Foreign net operating loss carryforwards 51    182   
Tax credit carryforward 405    190   
Interest limitation —     
Deferred compensation 609    418   
Total deferred tax assets $ 9,451    $ 5,927   
Less valuation allowance (9,418)   (5,855)  
Net deferred tax assets $ 33    $ 72   
Deferred tax liabilities:    
Fixed assets (33)   (72)  
Total deferred tax liabilities $ (33)   $ (72)  
Net deferred taxes $ —    $ —   
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending unrecognized tax benefits excluding interest and penalties is as follows (in thousands):
Year Ended December 31,
2019 2018
Balance, beginning of year $ 38    $ —   
Additions for tax positions related to the current year —    —   
Additions for tax positions related to prior years 34    38   
Reductions due to lapse of statutes of limitations —    —   
Decreases related to settlements with tax authorities —    —   
Balance, end of year $ 72    $ 38