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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:

 

 

Year Ended December 31,

 

 

2018

 

 

2017

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

Federal

$

 

 

$

(599

)

State

 

 

 

 

(80

)

Total Current

 

 

 

 

(679

)

Deferred:

 

 

 

 

 

 

 

Federal

 

(987

)

 

 

(300

)

State

 

(308

)

 

 

(36

)

Change in valuation allowance

 

1,331

 

 

 

 

Total Deferred

 

36

 

 

 

(336

)

Total income tax expense (benefit)

$

36

 

 

$

(1,015

)

 

Reconciliation of Difference between Federal Statutory Income Tax Rate and Effective Income Tax Rate

Reconciliation of the difference between the federal statutory income tax rate and the effective income tax rate is as follows:

 

 

Year Ended December 31,

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

Tax provision at Federal statutory rate

 

21.00

%

 

 

34.00

%

State taxes

 

4.37

%

 

 

0.78

%

Other

 

1.96

%

 

 

1.54

%

Impact of tax reform (1)

 

0.00

%

 

 

-0.02

%

Stock based compensation

 

-4.08

%

 

 

-2.13

%

Change in valuation allowance

 

-23.90

%

 

 

 

Tax provision

 

-0.65

%

 

 

34.17

%

 

(1)

The effective tax rate for the year ended December 31, 2017 includes the Company’s estimate of the effect of the 2017 Tax Act, which primarily relates to the remeasurement of existing deferred taxes as a result of the change to the U.S. federal corporate income tax rate.

Summary of Elements of Deferred Tax Assets (Liabilities)

The following table summarizes the elements of the deferred tax assets (liabilities):

 

 

Year Ended December 31,

 

 

2018

 

 

2017

 

 

(in thousands)

 

Deferred tax assets

 

 

 

 

 

 

 

Accrued vacation and other accrued expenses

$

118

 

 

$

96

 

Provision for bad debts

 

136

 

 

 

65

 

Net operating losses

 

699

 

 

 

148

 

Stock based compensation

 

579

 

 

 

594

 

Unrealized loss on investments

 

21

 

 

 

37

 

State income taxes

 

9

 

 

 

6

 

Foreign

 

343

 

 

 

118

 

Credits

 

261

 

 

 

 

Gross deferred tax assets

 

2,166

 

 

 

1,064

 

Less: Valuation allowance

 

(1,448

)

 

 

(118

)

Net deferred tax assets

 

718

 

 

 

946

 

Deferred tax liabilities

 

 

 

 

 

 

 

Depreciation

 

644

 

 

 

820

 

Other

 

74

 

 

 

 

Total deferred tax liabilities

 

718

 

 

 

820

 

Net deferred tax assets (liabilities)

$

 

 

$

126