Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of pre-tax (losses) income before income taxes for the years ended December 31, 2021, 2020 and 2019 are as follows:
(in thousands) 2021 2020 2019
Canada $ (180,374) $ (61,024) $ (88,694)
Foreign 168  (41,750) 453 
$ (180,206) $ (102,774) $ (88,241)
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense (benefit) for the years ended December 31, 2021, 2020 and 2019 are as follows:
(in thousands) 2021 2020 2019
Current:
Canada $   $ —  $ — 
Foreign 760  (94) 144 
760  (94) 144 
Deferred:
Canada   —  — 
Foreign   —  — 
Total deferred   —  — 
Income tax expense (benefit) $ 760  $ (94) $ 144 
Schedule of Effective Income Tax Rate Reconciliation The provision for income taxes varied from the income taxes provided based on the Canadian statutory rate of 26.8%, 26.8%, and 25.4% for the years ending December 31, 2021, 2020 and 2019, respectively.
2021 2020 2019
Canada statutory income tax benefit 26.8  % 26.8  % 25.4  %
Effect of tax rates on foreign jurisdictions   (2.4) — 
Impact of future rates and tax rate changes (0.1) 6.1  (0.9)
Non-deductible share-based compensation (4.5) (4.5) (2.1)
Change in valuation allowance (21.8) (26.0) (22.3)
Other (0.8) 0.1  (0.3)
Effective tax rate (0.4) % 0.1  % (0.2) %
Schedule of Deferred Tax Assets and Liabilities The tax effects of the temporary differences giving rise to the Company's net deferred tax assets as of December 31, 2021 and 2020 are summarized as follows:
(in thousands) 2021 2020
Deferred tax assets:
Loss carry-forwards $ 120,274  $ 80,087 
Share issue costs 6,016  6,295 
Intangible assets 1,086  2,718 
SRED (Scientific Research and Experimental Development) 6,059  4,808 
Deferred compensation 3,980  4,006 
Other 6,126  5,243 
Total deferred tax assets 143,541  103,157 
Valuation allowance (141,348) (101,792)
Net deferred tax assets 2,193  1,365 
Deferred tax liabilities:
Other (1,356) (1,173)
Property and equipment and intangible assets (837) (192)
Deferred tax liabilities (2,193) (1,365)
Net deferred tax assets (liabilities) $   $ —