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Income Taxes | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Income Taxes |
(6) | Income Taxes
The components of loss before income taxes and dividends on preferred stock for the years ended December 31, 2018 and 2017 were as follows:
| December 31, |
| 2018 |  |  | 2017 |
| (in thousands) |
United States | $ | (2,990 | ) |  | $ | (3,556 | )
Foreign |  | 1,620 |  |  | 404 |
Discontinued operations |  | (896 | ) |  |  | (2,031 | )
| $ | (2,266 | ) |  | $ | (5,183 | )
The components of the provision (benefit) for income taxes by taxing authority for the years ended December 31, 2018 and 2017 were as follows:
| December 31, |
| 2018 |  |  | 2017 |
| (in thousands) |
Current provision: |  |  |  |  |  |  |
Federal | $ | - |  |  | $ | - |
State |  | - |  |  |  | - |
Foreign |  | 291 |  |  |  | 78 |
Total current provision | $ | 291 |  |  | $ | 78 |
Deferred benefit: |  |  |  |  |  |  |
Federal | $ | - |  |  | $ | (3,033 | )
State |  | - |  |  |  | - |
Foreign |  | - |  |  |  | - |
Total deferred benefit |  | - |  |  |  | (3,033 | )
| $ | 291 |  |  | $ | (2,955 | )
The Company files income tax returns in the United States Federal jurisdiction and various state jurisdictions. The Company is subject to examination by federal and state tax authorities for fiscal years 2014 through 2018. Significant components of the Company’s deferred federal income taxes at December 31, 2018 and 2017 were as follows:
| December 31, |
| 2018 |  |  | 2017 |
| (in thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Accrued liabilities | $ | 11 |  |  | $ | 136 |
Deferred compensation |  | 642 |  |  |  | 520 |
Allowance for doubtful accounts |  | - |  |  |  | 71 |
Inventory |  | - |  |  |  | 73 |
Net operating loss |  | 3,430 |  |  |  | 2,783 |
Property and equipment |  | - |  |  |  | 71 |
Equity in foreign earnings |  | - |  |  |  | - |
Deferred tax assets |  | 4,083 |  |  |  | 3,654 |
Valuation allowance |  | (4,083 | ) |  |  | (3,654 | )
Net deferred tax assets | $ | - |  |  | $ | - |
The Company’s deferred tax assets are primarily related to net operating loss carry forwards. A valuation allowance was established at December 31, 2018 and 2017 due to uncertainty regarding future realization of deferred tax assets. Our total valuation allowance as of December 31, 2018 and 2017 is $4.1 million and $3.65 million, respectively. The difference between the effective income tax rate reflected in the provision for income taxes and the amounts, which would be determined by applying the statutory income tax rate of 21% and 34% at December 31, 2018 and 2017, respectively, is summarized as follows:
| December 31, |
| 2018 |  |  | 2017 |
| (in thousands) |
Benefit from U. S. federal statutory rate | $ | 287 |  |  | $ | 1,071 |
Effect of discontinued operations |  | 188 |  |  |  | 691 |
Change in valuation allowance |  | (429 | ) |  |  | 4,734 |
Accrual to return adjustments and other |  | - |  |  |  | 235 |
Foreign income taxes included in equity earnings |  | (113 | ) |  |  | 496 |
Foreign income taxes |  | (178 | ) |  |  | - |
Non-deductible business meals and entertainment expenses |  | (46 | ) |  |  | (45 | )
Effect of state income taxes |  | - |  |  |  | 32 |
Change in enacted tax rate |  | - |  |  |  | (4,259 | )
| $ | (291 | ) |  | $ | 2,955 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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