Emmaus Life Sciences, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Notes Tables
Notes Details

INCOME TAXES (Tables)

v3.20.4

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

The provision for income taxes consists of the following for the years ended December 31, 2019 and 2018 (in thousands):

	2019		2018
Current U.S.	$	164	$	38
International		—		1
Deferred U.S.		—		—
International		—		—
	$	164	$	39

Schedule of deferred tax assets and liabilities

Deferred tax assets consist of the following as of December 31, 2019 and 2018 (in thousands):

	2019			2018
Net operating loss carryforward	$	16,773		$	19,573
General business tax credit		9,888			9,342
Stock options		5,723			5,997
Charitable contribution		81			139
Accrued expenses		166			364
Unearned revenue		175			1,396
Allowance for bad AR		2,373			173
Unrealized gain/ (loss) on LT investment		1,400			—
Other		1,629			352
Total gross deferred tax assets		38,208			37,336
Less valuation allowance		(38,019	)		(34,193	)
Net deferred tax assets	$	189		$	3,143

Deferred tax liabilities consist of the following as of December 31, 2019 and 2018 (in thousands):

	2019			2018
Unrealized loss on long-term investment	$	—		$	(2,965	)
Unrealized loss on foreign exchange translation and others		(185	)		(176	)
Unrealized gain on marketable securities		—			—
Other		(4	)		(2	)
Total deferred tax liabilities	$	(189	)	$	(3,143	)

Schedule of income tax provision computed using the statutory federal tax rate

The income tax provision differs from that computed using the statutory federal tax rate of 21% due to the following factors (in thousands):

	2019			2018
Tax benefit at statutory federal rate	$	(11,365	)	$	(15,195	)
State taxes, net of federal tax benefit		(666	)		(3,695	)
Increase in valuation allowance		3,411			6,340
Permanent items		5,710			4,130
General business tax credit		(545	)		(431	)
Other		3,619			8,890
	$	164		$	39

- References

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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