Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of components of loss before tax and provision for income tax benefit

Loss before tax and the provision for income tax benefit consists of the following components (in thousands):

	2020		2019
Loss before tax
United States	$	(82,916)	$	(88,688)
PRC/Hong Kong/Singapore		(23,127)		(7,723)
	$	(106,043)	$	(96,411)
Deferred tax expense (benefit) of net operating loss
United States	$	—	$	—
PRC/Hong Kong/Singapore		—		(176)
		—	$	(176)
Deferred tax expense (benefit) other than benefit of net operating loss
United States	$	—	$	(514)
PRC/Hong Kong		—		—
Total deferred income tax (expense) benefit		—		(514)
Current tax expense (benefit) other than benefit of net operating loss
United States	$	—	$	—
PRC/Hong Kong		—		1,107
Total current income tax (expense) benefit		—		1,107
Total income tax expense (benefit)	$	—	$	417

Schedule of reconciliation of expected income tax

	2020		2019
U. S. statutory income tax rate	21.0	%	21.0	%
Non-deductible expenses:
Non-deductible stock awards	(0.7)		(1.9)
Non-deductible loss on contingent consideration	1.2		(1.1)
Others	(3.3)		(0.3)
Non-deductible interest expenses	(2.2)		(1.2)
Increase in valuation allowance	(17.2)		(16.4)
Tax rate differential	1.2		(0.5)
Effective income tax rate	0.0	%	(0.4)	%

Schedule of components of deferred tax assets and liabilities

	December 31,		December 31,
	2020		2019
U.S. NOL	$	23,585	$	17,471
Foreign NOL		5,967		6,846
U.S. capital loss carryover		4,371		4,377
Accrued payroll and expense		—		172
Nonqualified options		1,927		772
Convertible notes		827		752
Impaired assets		7,996		1,436
Equity investment loss and others		3,596		115
Total deferred tax assets		48,269		31,941
Less: valuation allowance		(46,670)		(30,276)
Property and equipment		(76)		(36)
Intangible assets		(1,523)		(1,629)
Total deferred tax liabilities		(1,599)		(1,665)
Net deferred tax assets	$	—	$	—