Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2017
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,  
    2017     2016  
Foreign   $ (20,490 )   $ (34,124 )
Domestic     (633 )     (4,718 )
Other   $ (21,123 )   $ (38,842 )

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,  
    2017     2016  
Statutory federal income tax     (34.0 )%     (35.0 )%
State income tax, net of federal tax effect     0.0 %     0.0 %
Permanent difference     0.1 %     0.1 %
Change in valuation allowance     (65.3) %     7.5 %
Foreign loss not subject to income tax     32.1 %     30.9 %
Return to provision true-ups     (2.6) %     (3.7) %
Tax rate change     22.8 %     0.0 %
Attribute reduction from control Change     43.8 %     0.2 %
Forfeiture of stock options     4.8 %     0.0 %
Other     (1.7) %     0.0 %
Income Tax Provision     0.0 %     0.0 %

Schedule of deferred tax assets

Deferred tax assets and related valuation allowance as of December 31, 2017 and 2016 were as follows (in thousands):

 

    December 31,  
    2017     2016  
Deferred tax assets:                
Research and development credit carryforward   $ —     $ 1,610  
Net operating loss carryforward     724       11,038  
Stock-based compensation     2,424       4,379  
Other     176       180  
Total deferred assets     3,324       17,207  
                 
Valuation allowance     (3,324 )     (17,207 )
                 
Net deferred tax assets   $ —     $ —