Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2019
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,  
    2019     2018  
Foreign   $ (22,630 )   $ (21,502 )
Domestic     (5,988 )     (4,587 )
Total   $ (28,618 )    $ (26,089 ) 
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,  
    2019     2018  
Statutory federal income tax     (21.0 )%     (21.0 )%
State income tax, net of federal tax effect     0.0 %     0.0 %
Permanent difference     0.0 %     0.1 %
Change in valuation allowance     1.0 %     1.7 %
Foreign loss not subject to income tax     16.4 %     17.0 %
Return to provision true-ups     0.0 %     (0.1 )%
Attribute reduction from control Change     4.1 %     3.9 %
Other     (0.5 )%     (1.6 )%
Income Tax Provision     0.0 %     0.0 %

 
Schedule of deferred tax assets

Deferred tax assets and related valuation allowance as of December 31, 2019 and 2018 were as follows (in thousands):

 

    December 31,  
    2019     2018  
Deferred tax assets:                
Net operating loss carryforward   $ 770     $ 763  
Stock-based compensation     2,951       2,659  
Other     507       226  
Total deferred assets     4,228       3,648  
                 
Valuation allowance     (3,874 )     (3,648 )
                 
Deferred tax liabilities     (354 )     —  
                 
Net deferred tax assets   $ —     $ —