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Income Taxes | 12 Months Ended
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Dec. 31, 2018
Income Taxes |
Income Taxes | 11. Income Taxes The Company’s U.S. and foreign source income/(loss) is as follows:
|  | Years ended December 31,
|  | 2018 |  | 2017 |
U.S. |  | $ | (646) |  | $ | (2,477) |
Canada |  |  | (2,288) |  |  | (2,119) |
Other Foreign |  |  | (5,780) |  |  | (7,439) |
|  | $ | (8,714) |  | $ | (12,035) |
During the years ended December 31, 2018 and 2017, the Company has recognized ‘nil’ current and deferred income tax expense or benefit in each of the US, Canadian, and other foreign jurisdictions, due to full valuation allowances within each jurisdiction. Rate Reconciliation A reconciliation of the combined income taxes at the statutory rates and the Company’s effective income tax benefit is as follows:
|  | Years ended December 31,
|  | 2018 |  | 2017 |
Income taxed at statutory rates |  | $ | (2,125) |  | $ | (4,212) |
Increase (decrease) in taxes from: |  |  |  |  |  |  |
Stock-based compensation |  |  | 79 |  |  | 46 |
Other adjustments |  |  | 5 |  |  | (87) |
Adjustment due to capital transactions |  |  |  |  |  |  |
Prior year provision to actual adjustments |  |  | (2,867) |  |  | 108 |
Change in US tax rate |  |  | — |  |  | 2,487 |
Differences in tax rates |  |  | (339) |  |  | 563 |
Effect of foreign exchange |  |  | (6) |  |  | (99) |
Expiration of NOLs |  |  | — |  |  | — |
Change in valuation allowance |  |  | 5,253 |  |  | 1,194 |
Income tax (benefit)/expense |  | $ | — |  | $ | — |
Deferred Taxes Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The significant components of our deferred tax assets and liabilities as at December 31 are as follows:
|  | December 31,
|  | 2018 |  | 2017 |
Deferred income tax assets |  |  |  |  |  |  |
Excess tax basis over book basis of property, plant and equipment |  | $ | 7,488 |  | $ | 7,488 |
Marketable securities |  |  | 667 |  |  | 771 |
Operating loss carryforwards |  |  | 34,052 |  |  | 28,530 |
Capital loss carryforwards |  |  | 13,276 |  |  | 13,470 |
Other |  |  | 2,031 |  |  | 1,848 |
Total future tax assets |  |  | 57,514 |  |  | 52,107 |
Valuation allowance for future tax assets |  |  | (56,659) |  |  | (51,406) |
|  |  | 855 |  |  | 701 |
Deferred income tax liabilities |  |  |  |  |  |  |
Other investments |  |  | 855 |  |  | 701 |
|  |  | 855 |  |  | 701 |
Total Deferred Taxes |  | $ | — |  | $ | — |
Valuation Allowance on Canadian and Foreign Tax Assets We establish a valuation allowance against the future income tax assets if, based on available information, it is more likely than not that all of the assets will not be realized. The valuation allowance of $56,659 and $51,406 at December 31, 2018 and 2017, respectively, relates mainly to net operating loss carryforwards, in Canada and other foreign tax jurisdictions, where the utilization of such attributes is not more likely than not. The Company continually assesses both positive and negative evidence to determine whether it is more likely than not that deferred tax assets can be realized prior to their expiration. Loss Carryforwards The Company’s tax loss carryforwards expire as follows:
|  | Noncapital Canada |  | U.S. |  | Mexico |  | Barbados |  | Total |
2018 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
2019 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2020 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2021 |  |  | — |  |  | — |  |  | — |  |  | (20) |  |  | (20) |
2022 |  |  | — |  |  | — |  |  | (6,184) |  |  | (31) |  |  | (6,215) |
2023 |  |  | — |  |  | — |  |  | (347) |  |  | (22) |  |  | (369) |
2024 |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | (4) |
2025 |  |  | — |  |  | — |  |  | (74) |  |  | (6) |  |  | (80) |
2026 |  |  | (1,027) |  |  | — |  |  | (697) |  |  | (6) |  |  | (1,730) |
2027 |  |  | (847) |  |  | — |  |  | — |  |  | (6) |  |  | (853) |
2028 |  |  | (5,245) |  |  | (1,287) |  |  | (206) |  |  | — |  |  | (6,738) |
2029 |  |  | (4,022) |  |  | (1,719) |  |  | — |  |  | — |  |  | (5,741) |
2030 |  |  | (5,032) |  |  | (1,970) |  |  | — |  |  | — |  |  | (7,002) |
2031 |  |  | (3,806) |  |  | (1,827) |  |  | — |  |  | — |  |  | (5,633) |
2032 |  |  | (6,397) |  |  | (3,407) |  |  | — |  |  | — |  |  | (9,804) |
2033 |  |  | (6,076) |  |  | (2,323) |  |  | — |  |  | — |  |  | (8,399) |
2034 |  |  | (4,420) |  |  | (3,098) |  |  | — |  |  | — |  |  | (7,518) |
2035 |  |  | (3,729) |  |  | (2) |  |  | — |  |  | — |  |  | (3,731) |
2036 |  |  | (2,799) |  |  | (2,655) |  |  | — |  |  | — |  |  | (5,454) |
2037 |  |  | (1,916) |  |  | (2,482) |  |  | — |  |  | — |  |  | (4,398) |
2038 |  |  | (1,664) |  |  | — |  |  | — |  |  | — |  |  | (1,664) |
|  | $ | (46,980) |  | $ | (20,770) |  | $ | (7,508) |  | $ | (95) |  | $ | (75,353) |
Note: U.S. loss carryforwards for tax years beginning in 2018 of $2,395, Canadian capital loss carryforwards of $53,883 and Australian NOLs of $46,600, which do not expire, are not included above. Accounting for uncertainty in taxes Accounting Standards Codification Topic 740 guidance requires that the Company evaluate all income tax positions taken, and recognize a liability for any uncertain tax positions that are not more likely than not to be sustained by the tax authorities. As of December 31, 2018, the Company believes it has no liability for unrecognized tax positions. If the Company were to determine there were any uncertain tax positions, the Company would recognize the liability and related interest and penalties within income tax expense. Tax statute of limitations The Company files income tax returns in Canada, U.S. federal and state jurisdictions and other foreign jurisdictions. There are currently no tax examinations underway for these jurisdictions. Furthermore, the Company is no longer subject to Canadian tax examinations by the Canadian Revenue Authority for years ended on or before December 31, 2015 or U.S. federal income tax examinations by the Internal Revenue Service for years ended on or before December 31, 2015. Some U.S. state and other foreign jurisdictions are still subject to tax examination for years ended on or before December 31, 2014. Although certain tax years are closed under the statute of limitations, tax authorities can still adjust losses being carried forward into open years.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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