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Income Taxes | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes |
1 1. | Income taxes
Our income (loss) from continuing operations before income taxes is as follows (in thousands):
|  | 2022 |  |  | 2021 |
United States |  | $ | 1,074 |  |  | $ | (79,305 | )
For the year ended December 31, 2022, there was 0% and 0.5% provision for income taxes in continuing and discontinued operations, respectively, current or deferred. For the year ended December 31, 2021, there was no provision for income taxes in continuing and discontinued operations, current or deferred. As of December 31, 2022, we had a federal net operating loss (“NOL”) carryforwards of $640.0 million, which is available to offset future taxable income. Approximately $92.8 million of the federal NOLs can be carried forward for 20 years and will begin to expire in 2031. The remaining $547.2 million can be carried forward indefinitely. In the event of future income, the NOL deduction arising from NOLs generated in taxable years beginning in 2021 will be limited to 80% of the excess taxable income. The Company experienced an ownership change pursuant to IRC Sec. 382. As a result, our NOLs carryforward as of December 31, 2022 will be limited. A reconciliation between taxes computed at the federal statutory rate and the consolidated effective tax rate is as follows:
|  | 2022 |  |  | 2021 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State tax rate, net of federal tax benefit |  |  | 3.9 | % |  |  | 4.7 | %
Adjustment in valuation allowances |  |  | (3228.6 | %) |  |  | (17.8 | %)
Excess stock benefits |  |  | 835.2 | % |  |  | (3.2 | %)
Interest expense accretion |  |  | 0.0 | % |  |  | 0.0 | %
Permanent and other differences |  |  | 2368.5 | % |  |  | (4.6 | %)
Provision for income taxes |  |  | 0.0 | % |  |  | 0.0 | %
Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax asset as of December 31, 2022 and 2021 are as follows (in thousands):
|  | As of December 31, |
|  | 2022 |  |  | 2021 |
Deferred income tax assets: |  |  |  |  |  |  |  |
Net operating loss |  | $ | 176,631 |  |  | $ | 224,660 |
Share-based payment compensation |  |  | 8,590 |  |  |  | 17,698 |
Interest expense limitation |  |  | 19,707 |  |  |  | 20,391 |
Gain on sale of ANNOVERA |  |  | (3,624 | ) |  |  | - |
Accrual for sales returns and coupons |  |  | - |  |  |  | - |
R&D credit |  |  | 186 |  |  |  | 186 |
Other, net |  |  | (1,062 | ) |  |  | (1,250 | )
Deferred income tax asset |  |  | 200,428 |  |  |  | 261,685 |
Valuation allowance |  |  | (200,428 | ) |  |  | (261,685 | )
Deferred income tax assets, net |  | $ | — |  |  | $ | — |
We believe that it is more likely than not that we will not generate sufficient future taxable income to realize a portion of tax benefits related to the deferred tax assets and as such, a valuation allowance has been established against a portion of the deferred tax assets as of both December 31, 2022 and 2021. Since our first year of operations in 2011, we generated net operating losses, and our U.S. federal and state tax returns remain open to examination. As of December 31, 2022 and 2021, we had no tax positions relating to open tax returns that were considered to be uncertain, and we had no unrecognized tax benefits.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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