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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of the provision for income taxes

The significant components of the provision for income taxes for the years ended December 31, 2021 and 2020 were as follows (in thousands):

​

​	​	​	​	​	​	​
​		2021			2020
Current income tax expense (benefit):		​			​
Foreign	​	$	728	​	$	1,065
Federal	​		5	​		15
State and local	​		21	​		(61)
​	​		754	​		1,019
Deferred income tax expense (benefit):	​			​
Foreign	​		126	​		(628)
Federal	​		(38)	​		10
State and local	​		-	​		-
​	​		88	​		(618)
Provision for income taxes	​	$	842	​	$	401

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the U.S. statutory rate with the Company’s effective tax rate for the years ended December 31, 2021 and 2020 is summarized as follows:

​

​	​	​	​	​	​
​		2021		2020
Federal income tax expense (benefit) at statutory rate		(21.0)	%	21.0	%
Effect of:		​			​
Change in valuation allowance		186.1		137.7	​
Effect of Section 162 (m)		29.9		-	​
Change in rates	​	12.2	​	(172.7)	​
Foreign operations permanent differences - foreign exchange gains and losses		9.5		(1.3)	​
State income tax net of federal benefit		1.9		(4.3)	​
Withholding tax		-		1.5	​
Deemed interest	​	(1.4)	​	(2.1)	​
Return to provision true up		(2.3)		(10.8)	​
Tax effects of foreign operations		2.0		57.7	​
Increase in unrecognized tax benefits (ASC 740)	​	(22.8)	​	31.5	​
Foreign rate differential		(31.8)		(8.6)	​
Effect of stock-based compensation	​	(72.1)	​	(10.9)	​
Other	​	(2.8)	​	(0.3)	​
Effective tax rate		87.4	%	38.4	%

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities are classified as non-current. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	December 31,
​		2021			2020
Deferred income tax assets:		​			​
Allowances not currently deductible	​	$	183	​	$	192
Depreciation and amortization	​		308	​		334
Equity compensation not currently deductible	​		831	​		778
Net operating loss carryforwards	​		7,741	​		6,751
Expenses not deductible until paid	​		1,829	​		1,691
Other	​		153	​		358
Total gross deferred income tax assets before valuation allowance	​		11,045	​		10,104
Valuation allowance	​		(9,095)	​		(7,917)
Deferred income tax assets, net	​	​	1,950	​	​	2,187
​	​	​	​	​	​	​
Deferred income tax liabilities:	​			​
Other	​		(15)	​		(44)
Total deferred income tax liabilities	​		(15)	​		(44)
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,935	​	$	2,143
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,950	​	$	2,187
Net deferred income tax liability	​		(15)	​		(44)
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,935	​	$	2,143

Schedule of United States and foreign components of income (loss) before provision for income taxes

United States and foreign components of income (loss) before provision for income taxes for each of the two years ended December 31, were as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	2021		​	2020
United States	​	$	(261)	​	$	930
Foreign	​		(702)	​		115
Totals	​	$	(963)	​	$	1,045

Schedule Of unrecognized Tax Benefits

The following table represents a roll forward of the Company’s unrecognized tax benefits and associated interest for the years ended in thousands:

​

​	​	​	​	​	​	​
​	​	Unrecognized Tax
​	​	Benefits
​	​	December 31,
​		2021			2020
Balance at January 1	​	$	3,231	​	$	2,957
Decrease (increase) for prior year tax positions	​		(1,713)	​		308
Increase (decrease) for current year tax positions	​		156	​		(161)
Interest accrual	​		111	​		199
Foreign currency remeasurement	​		(32)	​		(72)
Balance at December 31	​	$	1,753	​	$	3,231

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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