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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Components for Income Tax Expense

The components for income tax expense included in the accompanying statement of operations for the nine months ended September 30, 2019 and full year 2018 are as follows (in thousands):

	September 30, 2019				December 31, 2018
Current state income tax expense	$	38			$	—
Deferred federal income tax expense	—				—
Total income tax expense	$	38			$	—

Reconciliation of Income Taxes Computed Using U.S. Federal Statutory Rate to Amount Reflected in the Accompanying Consolidated Statement of Operations

A reconciliation of income taxes computed using the 21% U.S. federal statutory rate to the amount reflected in the accompanying consolidated statement of operations for the nine months ended September 30, 2019 and full year 2018 is as follows (in thousands):

	September 30, 2019				December 31, 2018
Income tax benefit using U.S. federal statutory rate	$	1,005			$	2,328
State Income Tax Expense	(30		)		—
Non-deductible expenses	(10		)		17
Impact of change in statutory rate
Change in valuation allowance	(683		)		(2,311		)
RTP/Other Adjustments	(320		)		(34		)
	$	(38	)		$	—

Effects of Temporary Differences and Carryforwards that Give Rise to Deferred Tax Assets (Liabilities)

The effects of temporary differences and carryforwards that give rise to deferred tax assets (liabilities) are as follows (in thousands):

	September 30, 2019				December 31, 2018
Federal net operating loss carryforward	$	11,202			$	10,876
Federal Sec. 382 net operating loss carryforward	3,642				—
Accrued interest to related parties, not deductible until paid	259				334
Stock options	614				—
Accrued compensation	39				—
Basis of intangible assets	332				221
Basis in foreign entity	509				—
Valuation allowance	(9,438		)		(3,950		)
Total deferred tax assets	7,159				7,481
Basis of property, plant and equipment	6,969				7,447
Bad debt expense	39				34
Prepaid expenses	151				—
Total deferred tax liabilities	7,159				7,481
Net deferred tax liabilities	$	—			$	—

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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