Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2019 and 2018 are as follows:

 

    December 31,  
    2019     2018  
Deferred tax assets:                
Net operating loss carryforwards   $ 48,121     $ 39,996  
Interest expense limitation     4,394       1,983  
Accrued liabilities     2,126       1,442  
Stock-based compensation     1,740       1,395  
Intangible assets     96       1,201  
Reserves     17       95  
Gross deferred tax assets     56,494       46,112  
Valuation allowance     (52,252 )     (41,121 )
Gross deferred tax assets after valuation allowance     4,242       4,991  
Deferred tax liability – unrealized gains     (4,185 )     (4,557 )
                 
Deferred tax liability – property and equipment     (57 )     (434 )
Net deferred tax liability   $ —     $ —  
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory tax rate and the effective tax rates from continuing operations for the years ended December 31, 2019 and 2018 is as follows:

 

    December 31,  
    2019     2018  
U.S federal statutory rate     21.0 %     21.0 %
State income taxes, net of federal benefit     1.1 %     6.5 %
Nondeductible – meals & entertainment     — %     (0.1 )%
Warrant derivative gains or losses     0.1 %     3.7 %
Change in valuation allowance     (22.2 )%     (29.7 )%
Other     — %     (1.4 )%
Effective tax rate     — %     — %