Ra Medical Systems, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.20.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Reconciliation of Differences between United States Statutory Federal Income Tax Rate and Effective Tax Rate

A reconciliation of the differences between the United States statutory federal income tax rate and the effective tax rate as provided in the statements of operations is as follows:

	Year Ended December 31,
	2020			2019
Tax computed at the federal statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefits		5.1			1.9
Nondeductible expenses		(0.1	)		(0.4	)
Stock-based compensation		(2.2	)		(9.5	)
Deferred tax adjustments		(57.0	)		—
Change in valuation allowance		33.2			(13.0	)
		—			—

Summary of Federal and State Income Tax Provision

The federal and state income tax provision is summarized as follows (in thousands):

	Year Ended December 31,
	2020		2019
Current
Federal	$	—	$	—
State		7		15
		7		15
Deferred
Federal		—		—
State		—		—
		—		—
Income tax expense	$	7	$	15

Significant Components of Deferred Tax Assets (Liabilities)

The tax effects of significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):

	December 31,
	2020			2019
Deferred Tax Assets:
Net operating loss carryforwards	$	3,720		$	16,096
Operating lease liabilities		691			766
Other accruals		101			61
Accrued compensation		448			—
Reserves		299			301
Deferred revenue		642			850
Intangible assets		32			253
Stock-based compensation		4,910			4,821
Total gross deferred tax assets	$	10,843		$	23,148
Deferred Tax Liabilities:
Property and equipment		(805	)		(1,026	)
Operating lease right-of-use assets		(655	)		(739	)
Other		(61	)		(92	)
Total gross deferred tax liabilities	$	(1,521	)	$	(1,857	)
Valuation allowance		(9,322	)		(21,291	)
Total deferred taxes	$	—		$	—

- References

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-Publisher FASB
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