INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of Deferred Tax Assets and Liabilities

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 (in thousands):

	December 31,
	2019
Deferred tax assets:
Operating loss carry forward	$	62,480
Mineral properties		857
Share based compensation		823
Embedded derivatives		168
Other		15
Total deferred tax assets	$	64,343
Valuation allowance		(35,429)
Net Deferred tax assets		28,914
Deferred tax liabilities:
Investment in EMLLC	$	(28,654)
Senior convertible notes debt discount	$	(260)
Total deferred tax liabilities	$	(28,914)
Net deferred tax asset	$	—

At December 31, 2018, we had deferred tax assets principally arising from the net operating loss carry forwards for income tax purposes multiplied by an expected rate of 21%.  The significant components of the deferred tax asset at December 31, 2018 was as follows (in thousands):

	December 31,
	2018
Operating loss carry forward	$	275,722
Unamortized exploration expense		4,489
Deductible stock based compensation		4,557
Other		93
Deductible temporary difference	$	284,861
Taxable temporary difference — Investment in EMLLC	$	(133,547)
Senior convertible notes debt discount		(2,424)
Net deductible temporary difference	$	148,890
Deferred tax asset	$	31,367
Deferred tax asset valuation allowance	$	(31,367)
Net deferred tax asset	$	—