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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Taxes

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​
​	​	For the Nine Months			​
​	​	Ended September 30,			​
​		2022		2021	​
Federal income tax expense at statutory rate		(21.0)	%	21.0	%
Effect of:		​	​	​	​
Change in valuation allowance		43.0	​	2,468.8	​
Tax effects of foreign operations	​	1.1	​	79.8	​
Increase (decrease) in unrecognized tax benefits (ASC 740)	​	1.0	​	(490.0)	​
Return to provision true up	​	0.2	​	31.6	​
State income tax net of federal benefit	​	0.2	​	43.2	​
Section 162 (m)	​	-	​	549.9	​
Change in tax rates	​	-	​	225.0	​
Effect of stock based compensation	​	(0.4)	​	(1,573.2)	​
Foreign operations permanent difference - foreign exchange gains and losses	​	(1.5)	​	271.9	​
Foreign rate differential	​	(5.8)	​	(478.8)	​
Withholding tax	​	-	​	-	​
Other	​	(2.0)	​	22.5	​
Effective tax rate	​	14.8	%	1,171.7	%

Schedule of unrecognized Tax Benefits

The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the nine months ended September 30, 2022 (in thousands):

​

​	​	​	​
​		Unrecognized
​		tax benefits
Balance - January 1, 2022	​	$	1,753
Increase for current period tax positions	​		83
Decrease for prior period tax positions	​	​	(29)
Interest accrual	​		46
Foreign currency remeasurement	​		(177)
Balance - September 30, 2022	​	$	1,676

​

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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.

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-Name Accounting Standards Codification
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Tabular disclosure of the change in unrecognized tax benefits.

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