Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Change in Valuation Allowance

The following table summarizes the change in the valuation allowance during 2019 and 2020 (in thousands):

Balance at December 31, 2018	$	28,933
Change during 2019		(11,294	)
Balance at December 31, 2019		17,639
Change during 2020		(4,542	)
Balance at December 31, 2020	$	13,097

Schedule of Components of Income Tax Expense (Benefit)

The reported tax expense varies from the amount that would be provided by applying the statutory U.S. Federal income tax rate to the income before income tax expense for the following reasons in each of the years ending December 31 (in thousands):

	2020			2019
Expected federal statutory tax expense	$	1,263		$	625
Increase (reduction) in taxes resulting from:
State income taxes recoverable		388			258
Non-deductible expenses (permanent differences)		(193	)		(15	)
Change in valuation allowance		(4,542	)		(11,294	)
Tax rate changes		(599	)		9,522
Other		39			(9	)
Income tax benefit	$	(3,644	)	$	(913	)

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax assets as of December 31, 2020 and 2019 are as follows in (thousands):

	2020			2019
Net operating loss carry forwards	$	17,623		$	18,535
Stock based compensation		1,007			921
Trade names and customer relationships		(805	)		(876	)
Equity method investments		(478	)		(497	)
Other		152			(72	)
Gross deferred tax assets		17,499			18,011
Less: valuation allowance		(13,097	)		(17,639	)
Deferred tax assets, net of valuation allowance	$	4,402		$	372