Quarterly report pursuant to Section 13 or 15(d)

INCOME TAX

v3.21.2
INCOME TAX
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAX

NOTE 9 — INCOME TAX

The quarterly provision for or benefit from income taxes is separately computed at an estimated annual effective tax rate to the year-to-date pre-tax income (loss) and other comprehensive income.

 

For the three and six months ended June 30, 2021, the Company recorded income tax benefit of $192,000 and $174,000 million respectively. For three and six month ended June 30, 2020, the Company recorded income tax benefit of $0.5 million and $0.2 million. The Company did not record a provision for federal income tax due to its net operating loss carryforwards. The Company established a full valuation allowance against its federal and state deferred tax asset and there was no unrecognized tax benefit as of June 30, 2021 and 2020.