Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income tax provision for the years ended December 31, 2018 and 2017 is as follows:

	2018			2017
	(in thousands)
Current:
Federal	$	(57	)	$	—
State and local		20			18
Foreign		156			43
Total Current		119			61
Deferred:
Federal		616			1,637
State and local		(86	)		42
Foreign		46			41
Total before change in valuation allowance		576			1,720
Change in Valuation Allowance		(530	)		(1,679	)
Net Deferred		46			41
Income tax provision	$	165		$	102

Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes and the amount computed by applying the statutory federal income tax rate to income before income taxes is detailed below:

	2018			2017
	(in thousands)
Tax provision at expected statutory rate	$	330		$	75
State taxes, net of federal benefit		43			81
Permanent differences		122			450
Credits		(82	)		(106	)
Foreign tax expense, and other		420			(381	)
Change in rate		(138	)		1,662
Change in valuation allowance		(530	)		(1,679	)
Provision for income taxes	$	165		$	102

Tax Effects of Temporary Differences and Carry-Forwards

Deferred income taxes for 2018 and 2017 were provided for the temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. Tax effects of temporary differences and carry-forwards at December 31, 2018 and 2017 were as follows:

	December 31, 2018					December 31, 2017
	Deferred Tax					Deferred Tax
	Asset			Liability		Asset			Liability
	(in thousands)
Inventory reserve	$	301		$	—	$	325		$	—
Fixed assets		—			90		—			141
Other reserves and accruals		207			—		133			—
Stock-based compensation		23			—		18			—
Other		—			24		—			29
Tax credit carry-forwards		1,966			—		2,284			—
Federal tax loss carry-forwards		1,980			—		2,380			—
State tax loss carry-forwards		734			—		657			—
Foreign tax loss carry-forwards		127			—		173			—
Total deferred income taxes		5,338		$	114		5,970		$	170
Valuation allowance		(5,097	)				(5,627	)
Net deferred tax assets	$	127				$	173