Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.7.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of components of net loss

Components of the net loss consist of the following (in thousands):

 

    Year ended December 31,  
    2016     2015  
Foreign   $ (34,124 )   $ (45,303 )
Domestic     (4,718 )     (2,751 )
Other   $ (38,842 )   $ (48,054 )
Schedule of effective income tax rate

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,  
    2016   2015  
Statutory federal income tax   (35.0 )% (35.0 )%
State income tax, net of federal tax effect   0.0 % (0.6 )%
Permanent difference   0.1 % 0.2 %
Change in valuation allowance   4.0 % 4.6 %
Foreign loss not subject to income tax   30.9  % 32.7  %
Other   0.0 % (1.9 )%
Income Tax Provision   0.0 % 0.0 %
Schedule of deferred tax assets

Deferred tax assets and related valuation allowance as of December 31, 2016 and 2015 were as follows (in thousands):

 

       December 31,  
    2016     2015  
Deferred tax assets:            
Research and development credit carryforward $ 1,610   $ 6  
Net operating loss carryforward   11,038     11,645  
Stock-based compensation   4,379     3,186  
Accrued bonuses   -     388  
Other   180     224  
  Total deferred assets   17,207     15,449  
             
Valuation allowance   (17,207)     (15,449)  
             
Net deferred tax assets $ -   $ -