Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income tax provision (benefit) for the years ended December 31, 2020 and 2019 is as follows:

	2020			2019
	(in thousands)
Current:
Federal	$	—		$	—
State and local		31			30
Foreign		50			43
Total Current		81			73
Deferred:
Federal		238			1,322
State and local		(6	)		147
Foreign		32			60
Total before change in valuation allowance		264			1,529
Change in valuation allowance		(9	)		(4,709	)
Net deferred		255			(3,180	)
Income tax provision (benefit)	$	336		$	(3,107	)

Reconciliation of 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:

	2020			2019
	(in thousands)
Tax provision at expected statutory rate	$	274		$	821
State taxes, net of federal benefit		31			92
Permanent differences		45			34
Credits		7			(108	)
Foreign tax expense, and other		1			13
Change in rate		(38	)		63
Change in valuation allowance		(9	)		(4,709	)
Provision to return		15			—
Permanent true-ups		—			687
Other		10			—
Provision (benefit) for income taxes	$	336		$	(3,107	)

Tax Effects of Temporary Differences and Carry-Forwards

Deferred income taxes for 2020 and 2019 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, 2020 and 2019 were as follows:

	December 31, 2020					December 31, 2019
	Deferred Tax					Deferred Tax
	Asset			Liability		Asset			Liability
	(in thousands)
Inventory reserve	$	286		$	—	$	239		$	—
Fixed assets		—			58		—			100
Other reserves and accruals		311			—		358			—
Stock-based compensation		8			—		6			—
Other		—			12		—			18
Tax credit carryforwards		1,717			—		1,724			—
Federal tax loss carryforwards		892			—		1,169			—
State tax loss carryforwards		252			—		250			—
Foreign tax loss carryforwards		35			—		67			—
Total deferred income taxes		3,501		$	70		3,813		$	118
Valuation allowance		(379	)				(388	)
Net deferred tax assets	$	3,052				$	3,307