Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
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):

 

    2018     2017  
Current                
                 
Federal   $ -     $ (1,245 )
State   103     (176 )
      103       (1,421 )
Deferred                
Federal     (86 )     15,412  
State     225       682  
      139       16,094  
Total   $ 242     $ 14,673  
                 
Income taxes from continuing operations before valuation allowance   $ 242     $ 14,673  
Change in valuation allowance     (139 )     (16,094 )
Income tax provision (benefit)     103       (1,421 )
Total   $ 103     $ (1,421 )
                 
Discontinued Operations                
Current                
Federal   $ -     $ 1,245  
State     -       2,266  
      -       3,511  
Deferred                
Federal     (34 )     -  
State     -       -  
      (34 )     -  
Total   $ (34 )   $ 3,511  
                 
Income taxes from discontinued operations before valuation allowance   $ (34 )   $ 3,511  
Change in valuation allowance     34       -  
Income tax expense     -       3,511  
Total   $ -     $ 3,511  
                 
Total   $ 103     $ 2,090  

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):

 

    2018     2017  
             
Statutory rate - federal   $ (341 )   $ 14,512  
State taxes, net of federal benefit     306       2,061  
Rate Change     -       1,804  
Permanent differences and other     243       (193 )
Income tax from continuing operation before valuation allowance     208       18,184  
                 
Change in valuation allowance     (105 )     (16,094 )
                 
Income tax expense     103       2,090  
Total   $ 103     $ 2,090  

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,  
    2018     2017  
             
Net operating loss and capital loss carryforward   $ 4,081     $ 3,595  
Consulting-royalty costs     -       -  
Trademark     -       21  
Investment in Phusion     -       33  
Depreciation     (109 )     41  
Other     216       604  
Valuation allowance     (4,188 )     (4,294 )
Total   $ -     $ -