Annual report pursuant to Section 13 and 15(d)

Note 16 - Income Taxes (Tables)

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Note 16 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Components of Loss Before Provision for Income Taxes

The components of loss before provision for income taxes for the years ended December 31, 2016 and 2015 are as follows (in thousands):

    For the Year Ended December 31,
    2016   2015
Domestic   $ (3,857 )   $ (52,060 )
Foreign     698       307  
Loss before provision for income taxes   $ (3,159 )   $ (51,753 )

 

Schedule of Deferred Tax Assets and Liabilities

The effects of temporary differences that gave rise to significant portions of deferred tax assets as of December 31, 2016 and 2015, are as follows (in thousands):

    As of December 31,
    2016   2015
Deferred tax assets:                
Net operating loss carryforwards   $ 29,359     $ 29,796  
Other     1,794       5,142  
Gross deferred tax assets     31,153       34,938  
Valuation allowance     (31,153 )     (30,834 )
Net deferred tax assets     —         4,104  
Deferred tax liability                
Stock-based compensation     —         (2,370 )
Intangibles     —         (1,734 )
Gross deferred tax liabilities     —         (4,104 )
Net deferred tax assets   $ —       $ —    
Schedule of Components of Income Tax Expense (Benefit)

The income tax provision for the years ended December 31, 2016 and 2015 included the following (in thousands):

 

    For the Year Ended December 31,
    2016   2015
Current income tax expense:                
Federal   $ 145     $ —    
State     39       93  
Foreign     134       12  
      318       105  
Deferred income tax provision:                
Federal     —         —    
State     —         —    
Foreign     —         —    
      —         —    
Provision for income taxes, net   $ 318     $ 105  
Tax Expense Differences From Expected Tax Expenses

The income tax provision differs from those computed using the statutory federal tax rate of 34% due to the following (in thousands):

    For the Year Ended December 31,
    2016   2015
Expected provision at statutory federal rate   $ (1,074 )   $ (17,596 )
State tax — net of federal benefit     23       74  
Foreign income/losses taxed at different rates     (38     (43 )
Sale of BioZone     949       —    
Stock-based compensation     —         56  
Other     217       (125 )
Change in valuation allowance     241       17,739  
Income tax expense   $ 318     $ 105  

 

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits ("UTB's")

A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTB’s”) is as follows (in thousands):

 

Gross UTB’s as of December 31, 2015   $ 141  
Deductions for tax positions taken in a prior year     (102 )
Additions for tax positions taken in the current year     206  
Gross UTB’s as of December 31, 2016   $ 245