Income Tax Expense

3 Months Ended

Mar. 31, 2020

Income Tax Expense

Income Tax Expense

9.           Income Tax Expense

For the three months ended March 31, 2020 the Company recorded a tax provision of $152 thousand, compared to a tax provision of $154 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 March 31, 2020 and December 31, 2019.