Income Tax (Expense) Benefit

9 Months Ended

Sep. 30, 2019

Income Tax (Expense) Benefit

Income Tax (Expense) Benefit

9.          Income Tax (Expense) Benefit

For the three and nine months ended September 30, 2019 the Company recorded a tax benefit of $29 thousand and a tax provision of $80 thousand respectively, compared to an income tax benefit of $151 thousand and an income tax expense of $307 thousand for the corresponding period in the prior year.

Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax bases of assets and liabilities using statutory rates. Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, including the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of its deferred tax assets. On the basis of this evaluation the Company has recorded a valuation allowance against all of its deferred tax assets at September 30, 2019 and December 31, 2018.