Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes
               
   

Year Ended

December 31,

 
    2022     2021  
Current tax provision:                
Federal   $ -     $ -  
State     -       1  
Foreign     (197 )     (691 )
Total current     (197 )     (690 )
                 
Deferred tax provision:                
Federal     -       -  
State     -       -  
Total deferred     -       -  
Total income tax benefit   $ (197 )   $ (690 )
Schedule of income tax benefit
         
Country   NOL
Carryforwards
  Expiry Terms
U.K.   $ 272,875   Does not expire
U.S.     228,737   Expires in up to 15 years
U.S.     29,512   Does not expire
Australia     5,225   Does not expire
Israel     316,367   Does not expire
Finland     105   Expires in up to 6 years
Other     917   Expires in up to 4 years
Schedule of deferred tax assets
               
    As of
December 31,
 
    2022     2021  
Net operating loss carryforwards   $ 180,491     $ 154,210  
Fixed assets     2,714       2,037  
R&D amortization     7,928       6,613  
Accruals and reserves     17,585       10,813  
R&D and other credits     4,493       4,267  
Share-based compensation     8,143       2,645  
Total deferred tax assets     221,354       180,585  
Intangible assets     (1,049 )     (1,145 )
Total deferred tax liabilities     (1,049 )     (1,145 )
Valuation allowance     (220,305 )     (179,440 )
Total deferred tax assets, net   $ -     $ -  
Schedule of reconciliation of income taxes
               
    Years Ended
December 31,
 
    2022     2021  
Expected income tax benefit at U.S. rates   $ 17,971     $ 14,713  
Difference between U.S. rate and rates applicable to subsidiaries in other jurisdictions     315       238
Expenditures not deductible for tax purposes     (118 )     (198 )
Non-deductible officer compensation     -       (1,656 )
Tax rate changes outside the U.S.     17,594       -  
Fair market value changes     1,701       1,590  
Expiry of foreign taxable losses     1,643       (4,493 )
Other     744       599  
Valuation allowance on tax benefits     (40,869 )     (11,817 )
UK R&D tax credits     1,216       1,714  
Income tax benefit   $ 197     $ 690