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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consists of the following components (in thousands):
|  | December 31, 2017 |  | December 31, 2016
Current Expense (Benefit): |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  | — |  |  | — |
Current Income Tax Expense |  | $ | — |  |  | $ | — |
Deferred Expense (Benefit): |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |
State |  | — |  |  | — |
Deferred Income Tax Expense |  | $ | — |  |  | $ | — |
Net Deferred Taxes |  | $ | — |  |  | $ | — |
Summary of Valuation Allowance | The following summarizes activity related to the Company’s valuation allowance (in thousands):
|  | December 31, 2017 |  | December 31, 2016
Valuation Allowance at Beginning of Period |  | $ | 1,397 |  |  | $ | 155 |
Income Tax Benefit |  | 1,164 |  |  | 1,242 |
Release of Valuation Allowance |  | — |  |  | — |
Valuation Allowance at End of Period |  | $ | 2,561 |  |  | $ | 1,397 |
Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows (in thousands):
|  | December 31, 2017 |  | December 31, 2016
(amounts in thousands) |  | Amount |  | Percent |  | Amount |  | Percent
Federal Tax Benefit at Statutory Rate |  | $ | 3,334 |  |  | 34.00 | % |  | $ | 1,335 |  |  | 34.00 | %
State Tax Benefit Net of Federal |  | (117 | ) |  | (1.20 | )% |  | 137 |  |  | 3.48 | %
IPO Costs |  | (76 | ) |  | (0.77 | )% |  | (227 | ) |  | (5.78 | )%
Stock Warrant Costs |  | (395 | ) |  | (4.03 | )% |  | — |  |  | — | %
Other Permanent Differences |  | (9 | ) |  | (0.09 | )% |  | (3 | ) |  | (0.08 | )%
Change in Deferred Tax Rate due to Tax Reform |  | (1,562 | ) |  | (15.93 | )% |  | — |  |  | — | %
Other |  | (11 | ) |  | (0.11 | )% |  | — |  |  | — | %
Increase in Valuation Allowance |  | (1,164 | ) |  | (11.87 | )% |  | (1,242 | ) |  | (31.62 | )%
Total Tax (Expense) / Benefit |  | $ | — |  |  | — | % |  | $ | — |  |  | — | %
Schedule of Deferred Tax Assets and Liabilities | The principal components of the Company’s deferred tax assets and liabilities consist of the following at December 31, 2017 and 2016 (in thousands):
|  | December 31, 2017 |  | December 31, 2016
Deferred Tax Assets: |  |  |  |  |  |
Start Up Costs |  | $ | 1,105 |  |  | $ | 735 |
Federal Net Operating Loss Carryforwards |  | 1,275 |  |  | 520 |
State Tax Loss Carryforwards |  | 9 |  |  | 50 |
Deferred Compensation |  | 176 |  |  | 96 |
Total Deferred Tax Assets |  | $ | 2,565 |  |  | $ | 1,401 |
Less Valuation Allowance |  | (2,561 | ) |  | (1,397 | )
Net Deferred Tax Assets |  | $ | 4 |  |  | $ | 4 |
Deferred Tax Liabilities: |  |  |  |  |  |
Fixed Assets |  | (4 | ) |  | (4 | )
Total Deferred Tax Liabilities |  | $ | (4 | ) |  | $ | (4 | )
Net Deferred Taxes |  | $ | — |  |  | $ | — |

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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://www.xbrl.org/2003/role/presentationRef -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 + Details
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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://www.xbrl.org/2003/role/presentationRef -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 + Details
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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://www.xbrl.org/2003/role/presentationRef -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 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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