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 taxes [Abstract]  
Effective Income Tax Rate Reconciliation
The following table is a reconciliation of the components that caused our provision for income taxes to differ from amounts computed by applying the United States federal statutory rate of 21% for the year ended December 31, 2019:
 
   
Year Ended December 31,
 
   
2019
 
Statutory U.S. Federal income tax
 
$
(38,760
)
   
21.0
%
State income taxes, net
   
(818
)
   
0.4
%
LLC income not taxed
   
2,376
     
(1.3
%)
Loss on acquisitions
   
29,051
     
(15.7
%)
Change in valuation allowance
   
7,892
     
(4.3
%)
Other
   
259
     
0.1
%
Total provision
 
$
-
     
0
%
Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


 
Year Ended December 31,
 

 
2019
 
Deferred income tax assets:
     
Net operating loss carryforwards
   
8,503
 
Stock options
   
2,493
 
Other assets
   
301
 
Gross deferred tax assets
   
11,297
 
Valuation allowance
   
(7,913
)
Net deferred tax asset
   
3,384
 
Deferred income liabilities:
       
Inventory
   
(137
)
Intangibles
   
(3,247
)
Deferred tax assets, net of valuation allowance
   
-
 
Valuation Allowance

 
Year Ended December 31,
 

 
2019
 
Valuation allowance, at beginning of year
 
$
-
 
Increase in valuation allowance
   
7,892
 
Halo Acquisition
   
21
 
Valuation allowance, at end of year
 
$
7,913