Overstock.com 2007 Annual Report Download - page 128
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Overstock.com, Inc.
Notes to Consolidated Financial Statements (Continued)
20. OTHER INCOME (EXPENSE), NET
Other income (expense), net consisted of the following (in thousands):
Years ended December 31,
2005 2006 2007
Gain from early retirement of convertible senior notes $ 6,158 $— $ —
Loss on disposal of software (1,457) — —
Other 27 81 (92)
Other income (expense), net $ 4,728 $81 $(92)
21. INCOME TAXES
The components of the Company's deferred tax assets and liabilities as of December 31, 2006 and 2007 are as follows (in thousands):
December 31,
2006 2007
Deferred tax assets and liabilities:
Net operating loss carryforwards $ 62,191 $ 69,489
Temporary differences:
Accrued expenses 5,722 6,498
Reserves and other 4,788 2,924
Depreciation 1,689 3,799
74,390 82,710
Valuation allowance (74,390) (82,710)
Net asset $ — $ —
As a result of the Company's history of losses, a valuation allowance has been provided for the full amount of the Company's net deferred tax assets.
At December 31, 2006 and 2007, the Company had net operating loss carryforwards of approximately $145.2 million and $164.2 million, respectively,
which may be used to offset future taxable income. An additional $21.9 million of net operating losses are limited under Internal Revenue Code Section 382
to $799,000 a year. These carryforwards begin to expire in 2018.
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