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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following (in thousands):

						Years Ended December 31,
						2019						2018
Current:
Federal						$	—					$	—
State						5						27
Total current						5						27
Deferred:
Federal						10						10
State						10						21
Total deferred						20						31
Provision for income tax						$	25					$	58

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate of our provision for income taxes differs from the federal statutory rate as follows:

						Years Ended December 31,
						2019						2018
Federal statutory tax rate						(21.0)		%				(21.0)		%
State income taxes, net of federal tax benefits						(3.6)		%				(3.9)		%
Change in fair value of preferred stock liabilities						(0.5)		%				0.8		%
Change in valuation allowance						(36.1)		%				23.2		%
Limitation of net operating losses						59.8		%				—		%
Other						1.6		%				1.6		%
Effective tax rate						0.2		%				0.7		%

Schedule of Deferred Tax Assets and Liabilities

If the Company’s judgment changes and it is determined that the Company will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction to income tax expense (in thousands).

						December 31,
						2019						2018
Deferred tax assets:
Net operating loss carryforwards						$	15,287					$	18,937
Research and development tax credits						419						313
Accruals, reserves and other						590						1,394
Interest expense						744						691
Basis differences in fixed and intangible assets						225						230
Total gross deferred tax assets						17,265						21,565
Less: Valuation allowance						(16,797)						(21,138)
Deferred tax assets, net						468						427
Deferred tax liabilities:
Financing and acquisition-related liabilities						(336)						(338)
Indefinite lived assets						(396)						(334)
Deferred tax liabilities, net						(732)						(672)
Net deferred tax liabilities						$	(264)					$	(245)

Summary of Valuation Allowance

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2019 and 2018, which related primarily to increases in net operating loss carryforwards, accrued revenue and accruals and reserves were as follows (in thousands):

						December 31,
						2019						2018
Valuation allowance at the beginning of the year						$	21,138					$	19,929
Decreases recorded as benefits to income tax provision						(4,341)						—
Increases recorded to income tax provision						—						1,209
Valuation allowance at the end of the year						$	16,797					$	21,138

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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.

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-Name Accounting Standards Codification
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-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.

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-Name Accounting Standards Codification
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-SubTopic 10
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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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