Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense is summarized as follows:

	Year Ended December 31,
	2020		2019
Current	(000's)
Federal	$	22	$	61
State		10		30
Total	$	32	$	91
Deferred
Federal	$	—	$	—
State		—		—
Total income tax expense	$	32	$	91

Schedule of Effective Tax Rate of Provision for Income Taxes differs from Federal Statutory Rate

The effective tax rate of our provision for income taxes differs from the federal statutory rate for the periods presented as follows:

	December 31,
	2020			2019
Statutory rate		21.0	%		21.0	%
Income not subject to federal corporate income tax		-8.0	%		-22.9	%
State taxes		6.4	%		6.3	%
Nondeductible expenses		-0.5	%		-0.1	%
Change in valuation allowance		-19.0	%		-4.6	%
Total		-0.1	%		-0.3	%

Schedule of Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets are as follows:

	December 31,
	2020			2019
Deferred tax assets	(000's)
Net operating loss carryforwards	$	3,938		$	—
Research and development credits		2,038			1,511
Noncash compensation		609			—
Other		50			—
Deferred tax asset		6,635			1,511
Less valuation allowance		(6,635	)		(1,511	)
Net deferred tax assets	$	—		$	—