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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Loss before Income Taxes and Dividends on Preferred Stock

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	)

Components of Provision (benefit) for Income Taxes by Taxing Authority

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	)

Components of Deferred Federal Income Taxes

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	$	-			$	-

Summary of Difference Between Effective Income Tax Rate Determined by Applying Statutory Income Tax Rate

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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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
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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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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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-SubTopic 10
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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