Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.21.2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes

The provision for income taxes consists of the following for the years ended December 31, 2020 and 2019 (in thousands):

 

 

 

2020

 

 

2019

 

Current U.S.

 

$

46

 

 

$

164

 

International

 

 

 

 

 

 

Deferred U.S.

 

 

(427

)

 

 

 

International

 

 

 

 

 

 

 

 

$

(381

)

 

$

164

 

Schedule of deferred tax assets and liabilities

Deferred tax assets consist of the following as of December 31, 2020 and 2019 (in thousands):

 

 

 

2020

 

 

2019

 

Net operating loss carryforward

 

$

17,090

 

 

$

16,773

 

General business tax credit

 

 

10,490

 

 

 

9,888

 

Stock options

 

 

5,924

 

 

 

5,723

 

Charitable contribution

 

 

82

 

 

 

81

 

Accrued expenses

 

 

276

 

 

 

166

 

Unearned revenue

 

 

2,425

 

 

 

2,373

 

Allowance for bad AR

 

 

1

 

 

 

175

 

Unrealized gain on long term investment

 

 

472

 

 

 

1,400

 

Other

 

 

1,903

 

 

 

1,629

 

Total gross deferred tax assets

 

 

38,663

 

 

 

38,208

 

Less valuation allowance

 

 

(37,430

)

 

 

(38,019

)

Net deferred tax assets

 

$

1,233

 

 

$

189

 

 

Deferred tax liabilities consist of the following as of December 31, 2020 and 2019 (in thousands):

 

 

 

2020

 

 

2019

 

Unrealized loss on foreign exchange translation and others

 

$

(347

)

 

$

(185

)

Unrealized gain on available-for-sale securities

 

 

(427

)

 

 

 

Other

 

 

(459

)

 

 

(4

)

Total deferred tax liabilities

 

$

(1,233

)

 

$

(189

)

Schedule of income tax provision computed using the statutory federal tax rate

The income tax provision differs from that computed using the statutory federal tax rate of 21% due to the following factors (in thousands):

 

 

 

2020

 

 

2019

 

Tax benefit at statutory federal rate

 

$

187

 

 

$

(11,365

)

State taxes, net of federal tax benefit

 

 

191

 

 

 

(666

)

Increase (decreases) in valuation allowance

 

 

(517

)

 

 

3,411

 

Permanent items

 

 

859

 

 

 

5,710

 

General business tax credit

 

 

(602

)

 

 

(545

)

Other

 

 

(499

)

 

 

3,619

 

 

 

$

(381

)

 

$

164