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 Taxes  
Schedule of Provision for Income Taxes (All Current)

The provision (benefit) for income taxes (all current) consists of the following (in thousands):

Year Ended December 31, 

    

2020

    

2019

Federal

$

(1,501)

$

State

 

 

Total

$

(1,501)

$

Reconciliation Between the Tax Provision Computed at the Federal Statutory Income Tax Rate and Actual Effective Income Tax Rate

Reconciliation between the tax provision computed at the federal statutory income tax rate and the Company’s actual effective income tax rate is as follows:

Year Ended December 31, 

 

    

2020

    

2019

 

Federal tax at statutory rate

 

21

%  

21

%

Stock compensation and other permanent differences

 

(6)

%  

(31)

%

Tax benefit related to CARES Act

 

(13)

%  

%

Valuation allowance

 

(15)

%  

10

%

Total

 

(13)

%  

%

Components of Net Deferred Tax Assets

The significant components of net deferred tax assets at December 31, 2020 and 2019 were as follows (in thousands):

December 31, 

    

2020

    

2019

Capitalized research and development expenses

$

11,500

$

15,735

Net operating loss carryforwards

 

17,638

 

18,181

Research and development and other tax credit carryforwards

 

13,454

 

12,343

Stock compensation

 

5,158

 

4,737

Unearned revenue

 

3,462

 

3,635

Other

 

401

 

930

Total deferred tax assets

 

51,613

 

55,561

Valuation allowance

 

(51,613)

 

(55,561)

Net deferred tax assets

$

$

Schedule of Unrecognized Tax Benefits

The following table summarizes the Company’s activity related to its unrecognized tax benefits (in thousands):

Year Ended December 31, 

    

2020

    

2019

Balance at January 1

$

5,517

$

5,517

Increase related to current year tax position

 

 

Increase (decrease) related to prior year tax position

 

421

 

Balance at December 31

$

5,938

$

5,517