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Income Taxes

3 Months Ended

Mar. 31, 2021

8. Income Taxes

Our provision for income taxes is comprised of the following:

	For the Three Months Ended March 31,
(in thousands)	2021		2020
Current:
Federal	$	—	$	—
State		—		—
Total current		—		—
Deferred:
Federal		—		69
State		—		—
Total deferred		—		69
Total income tax expense	$	—	$	69

The income tax expense recorded in 2020 is a result of the amortization of goodwill over 15 years for tax purposes. Periodically, we perform assessments of the realization of our net deferred tax assets considering all available evidence, both positive and negative. Based on our historical operating losses, combined with our plans to continue to invest in our revenue growth and content library we have a full valuation allowance on our deferred tax assets as of March 31, 2021. As of March 31, 2021, our net operating loss carryforwards on a gross basis were $90.1 million and $24.3 million for federal and state, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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