General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

v3.21.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes Tables Abstract  
Summary of provision for income tax expense
Years Ended December 31,                  
(in thousands)   2020     2019     2018  
Current                  
Federal   $ -     $ -     $ -  
State     224       205       97  
Total Current     224       205       97  
                         
Deferred tax expense (benefit)                        
Federal     900       (2,406 )     (601 )
State     (9,127 )     (7,329 )     (646 )
Total deferred tax benefit     (8,227 )     (9,735 )     (1,247 )
                         
Valuation allowance     8,227       9,735       1,247  
                         
Income tax expense   $ 224     $ 205     $ 97  
Components of deferred tax assets and liabilities
Years Ended December 31,            
(in thousands)   2020     2019  
Deferred tax assets            
Net operating loss carryforwards   $ 9,104     $ 10,836  
Accruals and reserves     -       -  
Depreciation     -       -  
Other     -       -  
Valuation allowance     (9,104 )     (10,836 )
Total deferred tax assets     -       -  
                 
Accruals and reserves     -       -  
Share-based compensation     -       -  
Total deferred tax liabilities     -       -  
                 
Net deferred tax liabilities   $ -     $ -  
Schedule of Effective Income Tax Reconciliation
Years Ended December 31,                  
(in thousands)   2020     2019     2018  
Computed expected provision (benefit) for taxes   $ (4,554 )   $ (10,443 )   $ (1,809 )
Increase (Decrease) in taxes resulting from:                        
State taxes     224       205       97  
Non-deductible stock compensation     462       711       57  
Non-deductible expenses under section 280e     5,099       7,965       2,605  
Valuation allowance and other, net     (1,007 )     1,767       (853 )
Actual provision for income taxes   $ 224     $ 205     $ 97