Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.20.1
Income Taxes
3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes During the three months ended March 31, 2020 and 2019, the Company recorded income tax benefit of $65,934 and $1,319, respectively. The Company’s effective tax rate differs from the federal statutory tax rate due to permanent differences, state taxes and changes in the valuation allowance. The Company’s negative effective tax rate for the three months ended March 31, 2020 is due to a projected tax expense on a projected loss for the year. The Company’s negative effective tax rate for the three months ended March 31, 2019 is due to changes in the valuation allowance and the impact of certain discrete item.The CARES Act was signed into law on March 27, 2020, which, may benefit the Company. The Company will continue to assess the income tax effect of the CARES Act and ongoing government guidance related to COVID-19 that may be issued.