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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

Loss before taxes consists of:

(in thousands)		December 31, 2019				December 31, 2018
Domestic		$	(4,882	)		$	(12,961	)
Foreign			(3,997	)			(6,261	)
Income (loss) before taxes		$	(8,879	)		$	(19,222	)

Income tax reconciliation

The provision for income taxes differs from the amount computed by applying the statutory rate as follows:

(in thousands)		December 31, 2019				December 31, 2018
Income taxes using U.S federal statutory rate		$	(1,865	)		$	(4,037	)
Tax Cuts and Jobs Act			—				—
Nondeductible interest			994				2,273
Loss on extinguishment of debt			361				236
Loss of tax benefit of federal net operating loss carryforwards			—				(588	)
Loss of tax benefit of state net operating loss carryforwards			1,477				1,040
Loss of tax benefit of federal tax credit carryforwards			324				495
Amortization of gain on IP migration			—				—
State income taxes, net of federal benefit			(1,461	)			(2,355	)
Foreign rate differential			664				1,166
Valuation allowance			3,512				6,323
Derivative charge			(3,674	)			(4,138	)
Stock option exercises and cancellations			—				215
Research and development costs			(316	)			(636	)
Other			(16	)			6
		$	—			$	—

Significant components of deferred tax assets

Significant components of the Company’s deferred tax assets are as follows:  

(in thousands)		December 31, 2019				December 31, 2018
Deferred tax assets:
Equity compensation		$	84			$	—
Accrued liabilities			—				519
Research tax credits			135				161
Lease obligation			206
Other			72				60
Net operating losses			14,502				10,624
Total deferred tax assets		$	14,999			$	11,364
Deferred tax liabilities:
Beneficial conversion feature			—				—
Right of use asset			206				—
Other			—				—
Total deferred tax liabilities			206				—
Valuation allowance			14,793				11,364
Net deferred tax assets		$	—			$	—

Summary of Change in Valuation

The change in valuation is as follows:

(in thousands)		December 31, 2019				December 31, 2018
Beginning balance		$	11,364			$	5,972
Charged to costs and expenses			3,512				6,323
Charged to additional paid-in capital			—				—
Charged to retained earnings			—				(834	)
Charged to other comprehensive income			(83	)			(97	)
Ending balance		$	14,793			$	11,364

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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