Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax asset are as follows:

	December 31,
	2020		2019
	(in thousands)
Deferred tax assets – non-current
Accrued bonuses	$	53	$	64
Accrued vacation		24		16
Net operating loss (NOL) carryover		12,876		10,789
Research & development tax credits		2,902		2,070
Share based expense		472		401
Other		4		4
Right of use lease liability		69		—
Fixed asset depreciation		55		61
Total deferred tax asset		16,455		13,405
Less: valuation allowance		(16,395)		(13,405)
Net deferred tax asset		60		—
Right of use asset		(60)
Net deferred tax asset	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation between income taxes at the statutory tax rate (21%) and the actual income tax provision for continuing operations follows:

	December 31,
	2020		2019
	(in thousands)
Loss before income taxes	$	(10,882)	$	(8,599)
Tax (benefit) at statutory tax rate		(2,285)		(1,806)
Effects of:
Exclusion of incentive stock option expense		50		53
R&D tax credits		(832)		(290)
Increase (decrease) in valuation allowance		2,990		2,041
Carryforward adjustment		77		2
Provision for income taxes	$	—	$	—