XML 55 R36.htm IDEA: XBRL DOCUMENT v3.20.1
Income taxes (Tables)
12 Months Ended
Mar. 31, 2020
Income taxes  
Schedule of net loss before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended March 31, 

 

    

2020

    

2019

    

2018

United States

 

$

(12,963)

 

$

(9,483)

 

$

(8,992)

Foreign (United Kingdom)

 

 

(39,662)

 

 

(21,351)

 

 

(10,710)

 

 

$

(52,625)

 

$

(30,834)

 

$

(19,702)

 

Schedule of reconciliation of the U.S federal statutory income tax rate

 

 

 

 

 

 

 

 

 

 

March 31, 

 

 

    

2020

    

2019

    

2018

 

U.S. Federal statutory income tax rate

 

(21.00)

%  

(21.00)

%  

(21.00)

%

State taxes, net of federal benefit

 

(1.6)

 

(1.5)

 

(2.6)

 

Research and development expenses

 

2.2

 

3.1

 

3.8

 

Remeasurement of deferred taxes as a result of tax reform

 

 —

 

 —

 

2.6

 

Foreign tax rate differential

 

2.8

 

2.4

 

2.2

 

Change in valuation allowance

 

16.0

 

15.5

 

14.0

 

Return to provision

 

1.9

 

0.4

 

 —

 

Other

 

(0.3)

 

1.1

 

1.0

 

Effective income tax rate

 

0.00

%  

0.00

%  

0.00

%

 

Schedule of components of deferred tax assets and liabilities

 

 

 

 

 

 

 

 

 

March 31, 

 

    

2020

    

2019

Deferred tax assets:

 

 

  

 

 

  

Foreign net operating loss carryforwards

 

$

9,092

 

$

4,079

Federal net operating loss carryforwards

 

 

2,450

 

 

2,223

State net operating loss carryforwards

 

 

1,054

 

 

684

Property, plant and equipment

 

 

5,499

 

 

 —

Capitalized start-up costs

 

 

1,748

 

 

1,886

Stock compensation

 

 

2,526

 

 

573

Accrued expenses

 

 

341

 

 

1,793

Lease liability

 

 

8,705

 

 

 —

Total deferred tax assets

 

 

31,415

 

 

11,238

Deferred tax liabilities:

 

 

 

 

 

 

Right-to-use asset

 

 

(13,998)

 

 

 —

Property, plant and equipment

 

 

 —

 

 

(1,842)

Other

 

 

(88)

 

 

 —

Total deferred tax liabilities

 

 

(14,086)

 

 

(1,842)

Valuation allowance

 

 

(17,329)

 

 

(9,396)

Net deferred tax assets

 

$

 —

 

$

 —

 

Schedule of valuation allowance for deferred tax assets

 

 

 

 

 

 

 

 

 

March 31, 

 

    

2020

    

2019

Valuation allowance as of beginning of year

 

$

9,396

 

$

4,724

Increases recorded to income tax provision

 

 

8,047

 

 

4,672

Decreases recorded to income tax provision for equity

 

 

(114)

 

 

 —

Valuation allowance as of end of year

 

$

17,329

 

$

9,396