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v3.23.1

Income Taxes (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Income Taxes |
Schedule of effective income tax rate reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months | ​
​ | ​ | Ended March 31, | ​
​ |  | 2023 |  | 2022 | ​
Federal income tax expense at statutory rate |  | (21.0) | % | (21.0) | %
Effect of: |  | ​ | ​ | ​ | ​
Change in valuation allowance |  | 23.8 | ​ | 35.1 | ​
Tax effects of foreign operations | ​ | 3.8 | ​ | 5.9 | ​
Foreign operations permanent difference - foreign exchange gains and losses | ​ | 3.5 | ​ | 4.4 | ​
Increase in unrecognized tax benefits (ASC 740) | ​ | 3.4 | ​ | 1.1 | ​
Foreign rate differential | ​ | 0.9 | ​ | (8.0) | ​
State income tax net of federal benefit | ​ | 0.3 | ​ | 0.2 | ​
Return to provision true up | ​ | (0.4) | ​ | 4.7 | ​
Effect of stock based compensation | ​ | (1.4) | ​ | - | ​
Deemed interest | ​ | (4.6) | ​ | (2.6) | ​
Other | ​ | 3.2 | ​ | (0.1) | ​
Effective tax rate | ​ | 11.5 | % | 19.7 | %
​
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, 2023 (in thousands): ​
​ | ​ | ​ | ​
​ |  | Unrecognized
​ |  | tax benefits
Balance - January 1, 2023 | ​ | $ | 1,680
Increase for current period tax positions | ​ |  | 44
Interest accrual | ​ |  | 21
Foreign currency remeasurement | ​ |  | 9
Balance - March 31, 2023 | ​ | $ | 1,754
​

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