Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The provision for income taxes for the three and nine month periods ended September 30, 2021 and 2020 reflects current taxes, deferred taxes, and withholding taxes. The effective tax rate for each of the three and nine month periods ended September 30, 2021 and 2020 was 0%. The valuation allowance against net deferred tax assets as of September 30, 2021, was $61,993, an increase of $6,354 from $55,639 as of December 31, 2020.

Excess tax deficiency of $1,659 and excess tax benefit $2,238 were recognized in the provision for income taxes for the three and nine months ended September 30, 2021, respectively, which were offset by $1,659 and $2,238 of valuation allowance, respectively.

Excess tax deficiencies of $1,011 and $1,759 were recognized in the provision for income taxes for the three and nine months ended September 30, 2020, respectively, which were offset by $1,011 and $1,759, of valuation allowance, respectively.