Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets (liabilities) are as follows:

 

(in thousands)

   December 31,  
     2015      2014  

Accounts receivable

   $ 430       $ 233   

Inventories

     1,324         1,847   

Accrued expenses

     749         818   

Depreciation

     (97      (5

Intangible assets

     (9,843      (11,232

Stock options

     1,410         1,339   

Deferred revenue

     3         22   

Other

     15         5   

Net operating loss carryforwards

     11,123         11,860   
  

 

 

    

 

 

 

Net deferred tax asset

     5,114         4,887   

Valuation allowance

     (5,114      (4,887
  

 

 

    

 

 

 
   $ —         $ —     
  

 

 

    

 

 

 
Reconciliation of Tax Computed at Statutory Rate to Income Tax Expenses

The following is a reconciliation of tax computed at the statutory federal rate to the income tax expense in the statements of operations for the years ended December 31, 2015, 2014 and 2013:

 

     December 31,  

(in thousands, except %)

   2015     2014     2013  
     Amount     %     Amount     %     Amount     %  

Tax benefit at statutory federal rate

   $ (810     (34.0   $ (3,988     (34.0   $ (5,719     (34.0

Deferred state tax benefit

     5        0.2        (383     (3.3     (258     (1.5

Change in valuation allowance

     371        16.2        4,982        42.5        (10,446     (62.1

Tax benefit of acquisition

     —          —          (6,550     (55.8     —          —     

Adjustment to net operating loss carryforwards

     (482     (21.1     (120     (1.0     13,828        82.2   

Non-deductible expenses

     1,060        45.0        160        1.4        2,595        15.4   

Impact of rate change

     (144     (6.3     (651     (5.6     —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax benefit

   $ —          —        $ (6,550     (55.8   $ —          —