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10-K
2018 FY
PRPO Precipio Inc
16 Apr 19
Annual report
5:20pm
At December 31, 2018 and 2017, the Company had net deferred tax assets of $8.7 million and $1.5 million, respectively, against which a valuation allowance of $8.8 million and $1.8 million, respectively, had been recorded. The valuation allowance excluded the deferred tax liability for IPR&D assigned as an indefinite life intangible asset for book purposes, also known as a “naked credit” in the amount of $0.1 million at December 31, 2018. The change in the valuation allowance for the year ended December 31, 2018 was an increase of $7.0 million. The increase in the valuation allowance for the year ended December 31, 2018 was mainly attributable to the reverse merger with Transgenomic, for which the Company obtained Transgenomic’s net operating losses, which were limited under the Internal Revenue Code Section 382. In addition, the increase was offset due to the recognition of deferred tax liabilities associated with the book versus tax basis difference of intangible assets purchased. There was also an offsetting decrease attributable to a decrease in the corporate tax rate. Significant components of the Company’s deferred tax assets at December 31, 2018 and 2017 are as follows:
Dollars in Thousands
20182017
Deferred tax assets:
Net operating loss and credit carryforwards$10,202$5,907
Accrued interest2
Stock-based compensation19261
Other42622
Gross deferred tax assets10,8205,992
Deferred tax liabilities:
Property and equipment42(32)
Intangible assets (1)(2,084)(1,809)
IPR&D intangible assets(70)(349)
Other
Gross deferred tax liabilities (1)(2,112)(2,190)
Net deferred tax assets8,7083,802
Less valuation allowance (1)(8,778)(4,151)
Net deferred liability$(70)$(349)
10-K
2017 FY
PRPO Precipio Inc
12 Apr 18
Annual report
8:00pm
At December 31, 2017 and 2016, the Company had net deferred tax assets of $1.5 million and $0.7 million, respectively, against which a valuation allowance of $1.8 million and $0.7 million, respectively, had been recorded. The valuation allowance excluded the deferred tax liability for IPR&D assigned as an indefinite life intangible asset for book purposes, also known as a “naked credit” in the amount of $0.3 million at December 31, 2017. The change in the valuation allowance for the year ended December 31, 2017 was an increase of $1.1 million. The increase in the valuation allowance for the year ended December 31, 2017 was mainly attributable to the reverse merger with Transgenomic, for which the Company obtained Transgenomic’s net operating losses, which were limited under the Internal Revenue Code Section 382. In addition, the increase was offset due to the recognition of deferred tax liabilities associated with the book versus tax basis difference of intangible assets purchased. There was also an offsetting decrease attributable to a decrease in the corporate tax rate. Significant components of the Company’s deferred tax assets at December 31, 2017 and 2016 are as follows:
Dollars in Thousands
20172016
Deferred tax assets:
Net operating loss and credit carryforwards$5,907$407
Accrued interest2164
Stock-based compensation61
Other22110
Gross deferred tax assets5,992681
Deferred tax liabilities:
Property and equipment(32)
Intangible assets(4,145)
IPR&D intangible assets(349)
Other(16)
Gross deferred tax liabilities(4,526)(16)
Net deferred tax assets1,466665
Less valuation allowance(1,815)(665)
Net deferred liability$(349)$
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