Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets

 

    2021     2020  
    December 31,  
    2021     2020  
Deferred tax assets:                
Net operating loss carryforwards – Federal and state   $ 5,281     $ 3,371  
Net operating loss carryforwards – Israel     19,354       16,323  
Share-based compensation     1,732       1,268  
Capitalized research and development     218       734  
Accrued liabilities and reserves     831       743  
Total deferred tax assets     27,416       22,439  
Deferred tax liabilities:                
Right of use asset     (158     (132 )
Other     (14     (16 )
Total deferred tax liabilities     (172     (148 )
Net deferred tax assets before valuation allowance     27,244       22,291  
Valuation allowance     (27,244     (22,291 )
Net deferred tax assets after valuation allowance   $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory tax rate and the effective tax rates for the years ended December 31, 2021 and 2020 is as follows:

 

    For the Year Ended December 31,  
    2021     2020  
U.S. federal statutory tax rate     21.0 %     21.0 %
State income taxes, net of federal benefit     2.0       4.2  
U.S. vs. foreign tax rate differential     0.9       1.5  
Non-deductible expenses     (1.9     (0.6 )
Deferred tax asset adjustments     2.5       -  
Change in valuation allowance     (24.5     (26.1 )
Effective tax rate     - %     - %
Schedule of Reconciliation NOLs

A reconciliation of the Company’s NOLs for the years ended December 31, 2021 and 2020 is as follows:

 

    2021     2020  
    December 31,  
    2021     2020  
U.S. Federal NOL’s   $ 18,420     $ 10,724  
U.S. State NOL’s     17,009       9,314  
Israel NOL’s     84,148       70,971  
Total NOL’s   $ 119,577     $ 91,009