8. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Provision for income taxes

Acacia’s income tax benefit (expense) for the fiscal periods presented consisted of the following:

	2020			2019
	(in thousands)
Current:
Federal	$	–		$	–
State		(66	)		(34	)
Foreign		1,225			1,858
Total current		1,159			1,824
Deferred:
Federal		–			–
State		–			–
Total deferred		–			–
Income tax benefit (expenses)	$	1,159		$	1,824

Schedule of deferred taxes

	2020			2019
	(in thousands)
Deferred tax assets:
Net operating loss and capital loss carryforwards and credits	$	113,561		$	112,280
Unrealized loss on investments held at fair value		0			538
Stock compensation		497			358
Fixed assets and intangibles		677			1,316
Basis of investments in affiliates		254			300
Accrued liabilities and other		762			631
State taxes		15			25
Total deferred tax assets		115,766			115,448
Valuation allowance		(76,969	)		(115,077	)
Total deferred tax assets, net of valuation allowance		38,797			371
Deferred tax liabilities:
ROU Asset		(330	)		(347	)
Unrealized loss on investments held at fair value		(38,374	)		–
Other		(93	)		(24	)
Total deferred tax liabilities		(38,797	)		(371	)
Net deferred tax assets (liabilities)	$	–		$	–

Reconciliation of income tax rate

A reconciliation of the federal statutory income tax rate and the effective income tax rate is as follows:

	2020		2019
Statutory federal tax rate - (benefit) expense		21%		21%
State income and foreign taxes, net of federal tax effect		(1)%		7%
Foreign tax credit		–%		–%
Noncontrolling interests in operating subsidiaries		–%		–%
Nondeductible permanent items		11%		1%
Change in tax rate		–%		–%
Expired capitalized loss		–%		(2)%
Valuation allowance		(33)%		(13)%
Other		1%		(4)%
		(1)%		10%