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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Pretax Income (Loss) | Pretax income (loss) resulting from domestic and foreign operations is as follows (in thousands):
|  | 2020 |  |  | 2019 |
United States |  | $ | (12,269 | ) |  | $ | (9,502 | )
United Kingdom |  |  | (4,683 | ) |  |  | 100 |
Other Foreign Jurisdictions |  |  | (21 | ) |  |  | - |
Total Pretax book income |  | $ | (16,973 | ) |  | $ | (9,402 | )
Schedule of Component of Income Tax Benefit | The components of income tax benefit at December 31, 2020 and December 31, 2019, are as follows (in thousands):
|  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Foreign |  |  | 645 |  |  |  |  |
Total Current |  | $ | 645 |  |  | $ | - |
Deferred: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Foreign |  |  | (1,466 | ) |  |  |  |
Total Deferred |  | $ | (1,466 | ) |  | $ | - |
Total |  | $ | (821 | ) |  | $ | - |
Schedule of Reconciliation of Provision for Income Taxes | The reconciliation of the provision for income taxes at the United States Federal statutory rate compared to the Company’s income tax expense as reported is as follows (in thousands)
|  | 2020 |  |  | 2019 |
Income (Loss) before income taxes |  |  |  |  |  |  |  |
Income tax benefit computed at the statutory rate |  | $ | (3,565 | ) |  | $ | (1,975 | )
Foreign tax rate differential |  |  | 99 |  |  |  | - |
Loss on debt settlement |  |  | 650 |  |  |  | - |
Non-deductible expenses |  |  | 212 |  |  |  | 386 |
Other book-tax differences |  |  | - |  |  |  | (1 | )
Prior period true ups – temporary differences |  |  | 525 |  |  |  | - |
Rate changes and differentials |  |  | 61 |  |  |  | (23 | )
Change in valuation allowance |  |  | 1,197 |  |  |  | 1,613 |
|  | $ | (821 | ) |  | $ | - |
Schedule of Deferred Tax Assets | Tax effects of temporary differences at December 31, 2020 and December 31, 2019 are as follows (in thousands):
Deferred tax assets: |  | 2020 |  |  | 2019 |
Fixed assets |  | $ | 62 |  |  | $ | 14 |
Allowance for bad debts |  |  | 281 |  |  |  | 197 |
Inventory |  |  | 82 |  |  |  | 59 |
Accrued expenses |  |  | - |  |  |  | 54 |
Deferred revenue |  |  | 2,190 |  |  |  | - |
Stock compensation |  |  | 300 |  |  |  | - |
Others |  |  | 127 |  |  |  | 17 |
Interest Expense Limitation |  |  | 955 |  |  |  | 640 |
Net operating loss carry-forwards |  |  | 7,361 |  |  |  | 5,646 |
Deferred tax assets (liabilities) |  | $ | 11,358 |  |  | $ | 6,627 |
Valuation allowance |  |  | (7,959 | ) |  |  | (6,627 | )
Deferred tax assets |  | $ | 3,399 |  |  | $ | - |
Net deferred tax assets |  | $ | 3,399 |  |  | $ | - |
Deferred tax liabilities: |  | 2020 |  |  | 2019 |
Intangible assets |  | $ | (10,759 | ) |  | $ | - |
Accrued expenses |  |  | (404 | ) |  |  | - |
Prepaid expenses |  |  | (139 | ) |  |  | - |
Deferred tax liabilities |  | $ | (11,302 | ) |  | $ | - |
Net deferred tax liabilities |  | $ | (7,903 | ) |  | $ | - |

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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 + 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://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 + Details
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