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 components of the provision (benefit) for income taxes, in the consolidated statements of operations are as follows (in thousands):

 

    Year Ended     Year Ended  
    12/31/2019     12/31/2018  
Continuing Operations                
Current:                
                 
Federal   $ -     $ -  
State     -       103  
      -       103  
Deferred:                
Federal     -       -  
State     -       -  
Income taxes from Continuing Operations     -       103  
                 
Discontinued Operations                
Current                
Federal   $ -     $ -  
State     -       -  
      -       -  
Deferred                
Federal     -       -  
State     -       -  
Income taxes from Discontinued Operations     -       -  
      -       -  
Total   $ -       $ 103  

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax expense (benefit) to the effective tax is as follows (in thousands):

 

    2019     2018  
             
Statutory rate - federal   $ (660 )   $ (341 )
State taxes, net of federal benefit     (7 )     306  
Permanent differences and other     145       243  
Income tax from continuing operation before valuation allowance     (522 )     208  
                 
Change in valuation allowance     (522 )     (105 )
                 
Income tax expense     -       103  
Total   $ -     $ 103  

Schedule of Deferred Tax Assets and Liabilities

The tax effects of the primary “temporary differences” between values recorded for assets and liabilities for financial reporting purposes and values utilized for measurement in accordance with tax laws giving rise to our deferred tax assets are as follows (in thousands):

 

    Year Ended December 31,  
    2019     2018  
             
Net operating loss and capital loss carryforward   $ 4,605     $ 4,081  
Depreciation     (93 )     (109 )
Other     198       216  
Valuation allowance     (4,710 )     (4,188 )
Total   $ -     $ -