Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Summary of Reconciliation of Statutory IncomeTax Rate

The following table reconciles the United States statutory income tax rate with our effective income tax rate:

 

 

Year ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

United States statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

34.0

%

State Tax, net of Federal Benefit

 

 

1.0

%

 

 

0.7

%

 

 

%

Stock-based compensation

 

 

(1.6

%)

 

 

3.6

%

 

 

0.6

%

Officers compensation

 

 

(1.3

%)

 

 

%

 

 

%

Deferred rate change

 

 

%

 

 

0.3

%

 

 

(12.9

%)

R&D credit

 

 

1.8

%

 

 

0.7

%

 

 

%

Other

 

 

0.3

%

 

 

0.7

%

 

 

%

Change in valuation allowance

 

 

(21.2

%)

 

 

(27.0

%)

 

 

(21.7

%)

Effective income tax rate

 

 

%

 

 

%

 

 

%

Schedule of Deferred Tax Assets And Liabilities

Deferred assets and liabilities consist of the following:

 

 

 

December 31,

 

In Thousands

 

2019

 

 

2018

 

 

2017

 

Net operating losses

 

$

24,852

 

 

$

16,372

 

 

$

9,252

 

Stock-based compensation expenses

 

 

3,637

 

 

 

2,747

 

 

 

2,691

 

Financing lease obligations

 

 

4,640

 

 

 

4,009

 

 

 

2,131

 

Tax credit carry forwards

 

 

2,106

 

 

 

922

 

 

 

735

 

Compensation and employee benefits

 

 

97

 

 

 

474

 

 

 

576

 

Other

 

 

307

 

 

 

116

 

 

 

8

 

Gross deferred tax assets

 

 

35,639

 

 

 

24,640

 

 

 

15,393

 

Less valuation allowance

 

 

(30,888

)

 

 

(20,329

)

 

 

(12,792

)

Net deferred tax assets

 

 

4,751

 

 

 

4,311

 

 

 

2,601

 

Fixed assets

 

 

(4,746

)

 

 

(4,352

)

 

 

(2,600

)

Other

 

 

(5

)

 

 

41

 

 

 

(1

)

Gross deferred tax liabilities

 

 

(4,751

)

 

 

(4,311

)

 

 

(2,601

)

Net deferred tax asset or liability

 

$

 

 

$

 

 

$