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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 were as follows (in thousands):

​

​	​	​	​	​	​	​
​		2022			2021
Current income tax expense (benefit):		​			​
Foreign	​	$	1,131	​	$	728
Federal	​		144	​		5
State and local	​		30	​		21
​	​		1,305	​		754
Deferred income tax expense (benefit):	​			​
Foreign	​		207	​		126
Federal	​		10	​		(38)
State and local	​		-	​		-
​	​		217	​		88
Provision for income taxes	​	$	1,522	​	$	842

​

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, 2022 and 2021 is summarized as follows:

​

​	​	​	​	​	​
​		2022		2021
Federal income tax expense (benefit) at statutory rate		(21.0)	%	(21.0)	%
Effect of:		​		​	​
Change in valuation allowance		36.9		186.1	​
Tax effects of foreign operations		2.5		2.0	​
Foreign operations permanent differences - foreign exchange gains and losses	​	1.1	​	9.5	​
Increase in unrecognized tax benefits (ASC 740)		0.7		(22.8)	​
State income tax net of federal benefit		0.2		1.9	​
Return to provision true up		0.3		(2.3)	​
Effect of Section 162 (m)	​	0.0	​	29.90	​
Change in rates		-		12.2	​
Effect of stock-based compensation		(0.3)		(72.1)	​
Deemed interest	​	(1.9)	​	(1.4)	​
Foreign rate differential		(4.7)		(31.8)	​
Other	​	0.7	​	(2.8)	​
Effective tax rate		14.5	%	87.4	%

​

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, 2022 and 2021 were as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
Deferred income tax assets:		​			​
Allowances not currently deductible	​	$	301	​	$	183
Depreciation and amortization	​		9	​		308
Equity compensation not currently deductible	​		1,579	​		831
Net operating loss carryforwards	​		10,758	​		7,741
Expenses not deductible until paid	​		1,694	​		1,829
Other	​		142	​		153
Total gross deferred income tax assets before valuation allowance	​		14,483	​		11,045
Valuation allowance	​		(13,008)	​		(9,095)
Deferred income tax assets, net	​	​	1,475	​	​	1,950
​	​	​	​	​	​	​
Deferred income tax liabilities:	​			​
Other	​		(65)	​		(15)
Total deferred income tax liabilities	​		(65)	​		(15)
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,410	​	$	1,935
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,475	​	$	1,950
Net deferred income tax liability	​	​	(65)	​	​	(15)
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,410	​	$	1,935

​

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

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

​

​	​	​	​	​	​	​
​		2022			2021
United States	​	$	(4,023)	​	$	(261)
Foreign	​		(6,460)	​		(702)
Totals	​	$	(10,483)	​	$	(963)

​

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,
​		2022			2021
Balance at January 1	​	$	1,753	​	$	3,231
Decrease for prior year tax positions	​		(290)	​		(1,713)
Increase for current year tax positions	​		311	​		156
Interest accrual	​		67	​		111
Foreign currency remeasurement	​		(161)	​		(32)
Balance at December 31	​	$	1,680	​	$	1,753

​

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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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