ProPhase Labs, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.21.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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):

	For the Years Ended
	December 31, 2020		December 31, 2019
Continuing Operations
Current
Federal	$	-	$	-
State		12		-
		12		-
Deferred
Federal		-		-
State		-		-
Income taxes from Continuing Operations		12		-

Discontinued Operations
Current
Federal		-		-
State		-		-
		-		-
Deferred
Federal		-		-
State		-		-
Income taxes from Discontinued Operations		-		-

Total	$	12	$	-

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):

	2020			2019
Statutory rate - federal	$	(377	)	$	(660	)
State taxes, net of federal benefit		(31	)		(7	)
Permanent differences and other		159			145
Income tax from continuing operation before valuation allowance		(249	)		(522	)

Change in valuation allowance		261			(522	)

Income tax expense		12			-
Total	$	12		$	-

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):

	For the Years Ended
	December 31, 2020			December 31, 2019
Net operating loss and capital loss carryforward	$	5,020		$	4,605
Right of use asset		1,086			-
Other		370			198
Capital lease obligations		(1,086	)		-
Depreciation		(419	)		(93	)
Valuation allowance		(4,971	)		(4,710	)
Total	$	-		$	-

- References

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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