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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Taxes

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of the U.S. statutory rate with the Company’s effective tax rate for the three -month periods ended March 31, 2022 and 2021 are summarized in the table below:

​

​	​	​	​	​	​
​	​	For the Three Months			​
​	​	Ended March 31,			​
​		2022		2021	​
Federal income tax expense at statutory rate		(21.0)	%	21.0	%
Effect of:		​	​	​	​
Change in valuation allowance	​	35.1	​	26.7	​
Tax effects of foreign operations		5.9	​	85.2	​
Return to provision true up	​	4.7	​	0.4	​
Foreign operations permanent difference - foreign exchange gains and losses	​	4.4	​	15.4	​
Increase (decrease) in unrecognized tax benefits (ASC 740)	​	1.1	​	(114.9)	​
State income tax net of federal benefit	​	0.2	​	2.4	​
Withholding tax	​	-	​	0.3	​
Effect of stock based compensation	​	-	​	(61.3)	​
Foreign rate differential	​	(8.0)	​	(5.8)	​
Other	​	(2.7)	​	8.9	​
Effective tax rate	​	19.7	%	(21.7)	%

Schedule of unrecognized Tax Benefits

The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the three months ended March 31, 2022 (in thousands):

​

​	​	​	​
​		Unrecognized
​		tax benefits
Balance - January 1, 2022	​	$	1,753
Interest accrual	​		26
Foreign currency remeasurement	​		(28)
Balance - March 31, 2022	​	$	1,751

​

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320

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