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 Differences Between the Carrying Amount of Assets and Liabilities for Financial Reporting Purposes and Their Respective Income Tax Basis
The Company has temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and their respective income tax basis, as measured by enacted state and federal rates as follows:
December 31, 2020 2019 2018
Deferred tax assets:
Net operating loss carryforwards $ 42,317  $ 36,250  $ 30,588 
Inventory write down 397  317  273 
Depreciation —  136  117 
Amortization —  —  — 
Interest limitation 115  —  336 
Allowance for doubtful accounts 106  274  285 
Lease liability 5,551  837  — 
Stock-based compensation 3,218  3,140  2,335 
Total deferred tax assets 51,704  40,954  33,934 
Deferred tax liabilities:
Depreciation (1,145) —  — 
Amortization (34) (206) (43)
Right-of-use asset (4,004) (809) — 
Contract liabilities (4) (7) (15)
Net deferred tax assets 46,517  39,932  33,876 
Valuation allowance $ (46,517) $ (39,932) $ (33,876)
Schedule of Effective Income Tax Rate Reconciliation
The Company’s effective income tax rate differs from the statutory federal income tax rate as follows for the years ended December 31, 2020 and 2019:
Year Ended December 31,
2020 2019
Federal tax rate 21.0  % 21.0  %
State Taxes - Net of Federal Benefit 7.3  4.1 
Permanent items and other deductions (0.6) (4.3)
Valuation allowance (27.7) (20.8)
Effective income tax rate —  % —  %