Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Federal Income Tax Note

The provision for income taxes consists of the following for the years ended December 31 (in thousands).  

	2014		2013
Federal	$	129	$	19
State and local		—		—
Foreign		(25)		—
Total income tax expense	$	104	$	19

	2014		2013
Current		152		51
Deferred		(48)		(32)
Total Income Tax Expense		104		19

Federal Statutory Rate To Income Before Taxes

For the years ended December 31, 2014 and 2013, the provision for income taxes differs from the expected tax provision computed by applying the U.S. federal statutory rate to income before taxes as a result of the following:

	2014			2013
Statutory U.S. federal rate		(35.0)	%		25.0	%
Permanent differences		—			—
Change in estimate of German tax rates		(10)	%		—
Application of valuation allowance to US deferred tax assets upon merger		18	%		—
Other		—			—
Valuation allowance		44.0	%		—	%
Provision for income tax expense(benefit)		17	%		25	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:

	2014		2013
	(in thousands)
Deferred Tax Assets:
Net Operating Loss Carryforwards	$	24,500		129
Accounts receivable timing differences		115		156
Property, plant and equipment		93
Total Deferred Tax Assets		24,708		285
Deferred Tax Liabilities:
Inventory Adjustment		-		(16)
Other		(39)		-
Total Deferred Tax Liabilities		(39)		(16)
Net Deferred Tax Asset		24,669		269
Valuation Allowance		(24,500)		-
Net Deferred Tax Asset	$	169		269

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands):

	Amount
Gross Unrecognized tax benefits at December 31, 2013	$	—
Increases in tax positions for current year		—
Settlements		—
Lapse in statute of limitations		—
Gross Unrecognized tax benefits at December 31, 2014	$	—