XML 40 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Tax effects of temporary differences and carry-forwards

Income tax provision (benefit) for the years ended December 31, 2017 and 2016 is as follows:

 

 

 

2017

 

 

2016

 

 

 

(in thousands)

 

Current:

 

 

 

 

 

 

 

 

Federal

 

$

—

 

 

$

—

 

State and local

 

 

18

 

 

 

8

 

Foreign

 

 

43

 

 

 

41

 

Total Current

 

 

61

 

 

 

49

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

1,637

 

 

 

(211

)

State and local

 

 

42

 

 

 

267

 

Foreign

 

 

41

 

 

 

55

 

Total before change in valuation allowance

 

 

1,720

 

 

 

111

 

Change in Valuation Allowance

 

 

(1,679

)

 

 

(325

)

Net Deferred

 

 

41

 

 

 

(214

)

Income tax provision (benefit)

 

$

102

 

 

$

(165

)

 

Provision (benefit) for income taxes

A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income before income taxes is detailed below:

 

 

 

2017

 

 

2016

 

 

 

(in thousands)

 

Tax provision (benefit) at expected statutory rate

 

$

75

 

 

$

(8

)

State taxes, net of federal benefit

 

 

81

 

 

 

(25

)

Permanent differences

 

 

450

 

 

 

6

 

Credits

 

 

(106

)

 

 

(123

)

Foreign tax expense, and other

 

 

(381

)

 

 

11

 

True-up to State NOL

 

 

—

 

 

 

299

 

Change in rate

 

 

1,662

 

 

 

—

 

Change in valuation allowance

 

 

(1,679

)

 

 

(325

)

Provision (benefit) for income taxes

 

$

102

 

 

$

(165

)

 

Reconciliation of provision (benefit) for income taxes

Deferred income taxes for 2017 and 2016 were provided for the temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities. Tax effects of temporary differences and carry-forwards at December 31, 2017 and 2016 were as follows:

 

 

 

December 31, 2017

 

 

December 31, 2016

 

 

 

Deferred Tax

 

 

Deferred Tax

 

 

 

Asset

 

 

Liability

 

 

Asset

 

 

Liability

 

 

 

(in thousands)

 

Inventory reserve

 

$

325

 

 

$

—

 

 

$

1,083

 

 

$

—

 

Fixed assets

 

 

—

 

 

 

141

 

 

 

—

 

 

 

151

 

Other reserves and accruals

 

 

133

 

 

 

—

 

 

 

213

 

 

 

—

 

Stock-based compensation

 

 

18

 

 

 

—

 

 

 

384

 

 

 

—

 

Undistributed foreign earnings

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144

 

Other

 

 

—

 

 

 

29

 

 

 

—

 

 

 

56

 

Tax credit carry-forwards

 

 

2,284

 

 

 

—

 

 

 

1,921

 

 

 

—

 

Federal tax loss carry-forwards

 

 

2,380

 

 

 

—

 

 

 

3,428

 

 

 

—

 

State tax loss carry-forwards

 

 

657

 

 

 

—

 

 

 

627

 

 

 

—

 

Foreign tax loss carry-forwards

 

 

173

 

 

 

—

 

 

 

214

 

 

 

—

 

Total deferred income taxes

 

 

5,970

 

 

$

170

 

 

 

7,870

 

 

$

351

 

Valuation allowance

 

 

(5,627

)

 

 

 

 

 

 

(7,305

)

 

 

 

 

Net deferred tax assets

 

$

173

 

 

 

 

 

 

$

214