Post-effective amendment to a registration statement that is not immediately effective upon filing

INCOME TAXES (Tables)

v3.21.2
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
Schedule of net operating loss carry forwards
           
Country   NOL Carryforwards     Expiry Terms
U.K.   $ 256,666     Does not expire
U.S.     182,531     Expires in up to 17 years
U.S.     15,425     Does not expire
Australia     5,220     Does not expire
Israel     254,288     Does not expire
Finland     858     Expires in up to 7 years
Other     1,999     Expires in up to 5 years
Schedule of company’s deferred tax assets
     
    December 31,
2020		  
Deferred tax asset        
Organizational costs/Startup expenses   $ 29,754  
Federal Net Operating loss     12,810  
Total deferred tax asset     42,564  
Valuation allowance     (42,564 )
Deferred tax asset, net of allowance   $ —  
Schedule of reconciliation of income taxes
       
Statutory federal income tax rate     21.0 %
State taxes, net of federal tax benefit     0.0 %
Permanent Book/Tax Differences     (22.0 )%
Change in valuation allowance     (1.0 )%
Income tax provision     — %

 

The Company files income tax returns in the U.S. federal jurisdiction in Florida and is subject to examination by the various taxing authorities.

 
Airspan [Member]  
Schedule of company’s deferred tax assets
                       
    Years Ended December 31,  
    2020     2019     2018  
Net operating loss carryforwards   $ 145,355     $ 143,439     $ 128,823  
Fixed assets     2,539       2,830       2,507  
R&D Amortization     6,393       7,296       6,348  
Accruals and reserves     8,238       1,096       1,094  
R&D and Other Credits     4,191       —       —  

Share-based compensation

     2,306       1,742       1,678  
Total deferred tax assets     169,022       156,403       140,450  
Intangible assets     (1,395 )     (2,158 )     (2,600 )
Total deferred tax liabilities     (1,395 )     (2,158 )     (2,600 )
Valuation allowance     (167,627 )     (154,245 )     (137,850 )
Total deferred tax assets, net   $ —     $ —   $ —  
Schedule of reconciliation of income taxes
                       
    Years Ended December 31,  
    2020     2019     2018  
Expected income tax benefit at U.S. rates   $ 5,549     $ 12,361     $ 8,695  
Difference between U.S. rate and rates applicable to subsidiaries in other jurisdictions     (301 )     (930 )     (549 )
Expenditures not deductible for tax purposes     (43 )     (136 )     (761 )
Acquired net operating losses (a)     —       —       25,028  
Tax rate changes outside the U.S.     —       5,368       —  
Expiry of foreign taxable losses     6,218       —       (363 )
Other     502       (742 )     (2,072 )
Valuation allowance on tax benefits     (13,385 )     (16,395 )     (30,422 )
UK R&D tax credits     2,242       —       696  
Income tax benefit (expense)   $ 782     $ (474 )   $ 252