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 Taxes  
Schedule of income tax (benefit) provision

 

 

 

 

 

 

 

 

 

 

For The Years Ended December 31,

 

    

2019

    

2018

Federal:

 

 

  

 

 

  

Current

 

$

 —

 

$

 —

Deferred

 

 

 —

 

 

 —

State and local:

 

 

  

 

 

  

Current

 

 

 —

 

 

 —

Deferred

 

 

 —

 

 

 —

Income tax provision

 

$

 —

 

$

 —

 

Schedule of expected tax benefit based on the statutory rate reconciled

 

 

 

 

 

 

 

 

 

For The Years Ended December 31,

 

 

    

2019

    

2018

 

U.S. federal statutory rate

 

21.0

%  

21.0

%

State tax rate, net of federal benefit

 

5.3

%  

1.1

%

Permanent differences

 

  

 

  

 

 Non-deductible expenses

 

(0.7)

%

0.0

%

State tax change

 

0.0

%  

4.2

%

Change in valuation allowance

 

(25.6)

%

(26.3)

%

Income tax provision

 

0.0

%  

0.0

%

 

Schedule of deferred tax assets consisted of the effects of temporary differences

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

    

2019

    

2018

Deferred tax assets:

 

 

  

 

 

  

Net operating loss carryforwards

 

$

2,110

 

$

3,110

Intangible Assets

 

 

 —

 

 

28

Other

 

 

 2

 

 

30

Total deferred tax assets

 

 

2,112

 

 

3,168

Valuation allowance

 

 

(2,072)

 

 

(3,151)

Deferred tax assets, net of valuation allowance

 

$

40

 

$

17

Deferred tax liabilities:

 

 

  

 

 

  

Property and equipment, net

 

 

(40)

 

 

(17)

Total deferred tax liabilities

 

 

(40)

 

 

(17)

Net deferred tax liabilities

 

$

 —

 

$

 —