Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
    There was no income tax expense for the three months ended September 30, 2020 and 2019. Income tax for the nine months ended September 30, 2020 and 2019 was $1,000. The effective tax rate for the three and nine months ended September 30, 2020 and 2019 differed from the statutory rate primarily due to the valuation allowance recorded against the Company’s deferred tax assets.
Under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act signed into law on March 27, 2020, NOLs arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five tax years preceding the tax year of such loss. Moreover, under the Tax Act as modified by the CARES Act, federal NOLs of our subsidiary generated in tax years ending after December 31, 2017 may be carried forward indefinitely, but the deductibility of federal NOLs, particularly for tax years beginning on or after January 1, 2021, may be limited. The accounting for the material income tax impacts will be reflected in the 2020 financial statements. It is uncertain if and to what extent various states will conform to the Tax Act or the CARES Act. We are currently assessing the impact the CARES Act will have on the Company’s consolidated financial statements.