Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The income tax (benefit) provision consists of the following (in thousands):
 
 
 
For The Years Ended
 
 
 
December 31,
 
 
 
2017
 
2016
 
Federal:
 
 
 
 
 
 
 
Current
 
$
-
 
$
-
 
Deferred
 
 
(664)
 
 
(627)
 
 
 
 
 
 
 
 
 
State and local:
 
 
 
 
 
 
 
Current
 
 
6
 
 
4
 
Deferred
 
 
(85)
 
 
(92)
 
 
 
 
 
 
 
 
 
Income tax provision
 
$
(743)
 
$
(715)
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
For the years ended December 31, 2017 and 2016, the expected tax expense based on the federal statutory rate reconciled with the actual tax expense is as follows:
 
 
 
For The Years Ended
 
 
 
December 31,
 
 
 
2017
 
2016
 
U.S. federal statutory rate
 
 
34.0
%
 
34.0
%
State tax rate, net of federal benefit
 
 
3.0
%
 
4.5
%
Permanent differences
 
 
 
 
 
 
 
- Change in fair value of warrant liability
 
 
(0.1)
%
 
0.9
%
- Change in fair value of contingent consideration
 
 
0.0
%
 
10.4
%
- Intangible impairment
 
 
(12.0)
%
 
(9.3)
%
- Other
 
 
(0.3)
%
 
(0.4)
%
Adjustments to deferred taxes
 
 
(4.6)
%
 
(8.2)
%
Tax Reform - Federal Rate Change
 
 
(50.9)
%
 
0.0
%
Tax Reform - Change in valuation allowance
 
 
50.9
%
 
0.0
%
Change in valuation allowance
 
 
(17.4)
%
 
(29.7)
%
 
 
 
 
 
 
 
 
Income tax provision
 
 
2.6
%
 
2.2
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
As of December 31, 2017 and 2016, the Company’s deferred tax assets consisted of the effects of temporary differences attributable to the following (in thousands):
 
 
 
As of December 31,
 
 
 
2017
 
2016
 
Deferred tax assets:
 
 
 
 
 
 
 
Net operating loss carryforwards
 
$
29,580
 
$
40,117
 
Stock-based compensation
 
 
5,598
 
 
8,671
 
Goodwill and Tradename
 
 
32
 
 
-
 
Accruals
 
 
694
 
 
541
 
Transaction costs
 
 
39
 
 
732
 
Other
 
 
364
 
 
861
 
Total deferred tax assets
 
 
36,307
 
 
50,922
 
Valuation allowance
 
 
(30,864)
 
 
(41,482)
 
Deferred tax assets, net of valuation allowance
 
$
5,443
 
$
9,440
 
 
 
 
 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
 
 
 
Property and equipment
 
 
(65)
 
 
(281)
 
Intangible assets
 
 
(5,378)
 
 
(9,159)
 
Goodwill
 
 
-
 
 
(749)
 
Total deferred tax liabilities
 
 
(5,443)
 
 
(10,189)
 
 
 
 
 
 
 
 
 
Net deferred tax liabilities
 
$
-
 
$
(749)