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
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
Components of the Net Loss consist of the following (in thousands):
 
 
 
Year Ended
 
 
 
December 31,
 
 
 
2015
 
2014
 
2013
 
Foreign
 
 
(45,303)
 
 
(14,693)
 
(502)
 
Domestic
 
 
(2,751)
 
 
(12,923)
 
(10,382)
 
 
 
 
(48,054)
 
 
(27,616)
 
(10,884)
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company's income tax provision is as follows:
 
 
 
Year Ended 
December 31,
 
 
2015
 
2014
 
2013
 
Statutory federal income tax
 
 
(35.0)
%
 
(35.0)
%
 
(34.0)
%
State income tax, net of federal tax effect
 
 
(0.6)
%
 
(10.2)
%
 
(10.5)
%
Permanent difference
 
 
0.2
%
 
0.3
%
 
6.7
%
Change in valuation allowance
 
 
4.6
%
 
22.0
%
 
37.8
%
Foreign loss not subject to income tax
 
 
32.7
%
 
24.0
%
 
0.0
%
Other
 
 
(1.9)
%
 
(1.1)
%
 
0.0
%
 
 
 
 
 
 
 
 
 
 
 
Income tax provision
 
 
0
%
 
0
%
 
0
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Deferred tax assets and liabilities and related valuation allowance as of December 31, 2015 and 2014 are as follows (in thousands):
 
 
 
December 31,
 
 
 
2015
 
2014
 
Deferred tax assets:
 
 
 
 
 
 
 
Research and development credit carryforward (1)
 
 
6
 
 
6
 
Net operating loss carryforwards
 
 
11,645
 
 
11,320
 
Stock-based compensation
 
 
3,186
 
 
1,336
 
Accrued bonuses
 
 
388
 
 
200
 
Other
 
 
224
 
 
364
 
 
 
 
 
 
 
 
 
Total deferred tax assets
 
 
15,449
 
 
13,226
 
 
 
 
 
 
 
 
 
Valuation allowance
 
 
(15,449)
 
 
(13,226)
 
 
 
 
 
 
 
 
 
Net deferred tax assets
 
$
0
 
$
0
 
  
(1)
The Company has incurred research and development (“R&D”) expenses, a portion of which may qualify for tax credits. The Company has not conducted an R&D credit study to quantify the amount of credits and has not claimed an R&D credit on its federal tax returns filed except for $6,000 in 2007. The Company may conduct the study in future years and may establish the R&D credit carryforward for prior years. In such event, the net operating loss carryforward will be correspondingly reduced by the amount of the credit.