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Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2023
Income Taxes |
Schedule of effective income tax rate reconciliation | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months | ​
​ | ​ | Ended June 30, | ​
​ |  | 2023 |  | 2022 | ​
Federal income tax expense at statutory rate |  | (21.0) | % | (21.0) | %
Effect of: |  | ​ | ​ | ​ | ​
Change in valuation allowance |  | 51.3 | ​ | 40.3 | ​
Foreign operations permanent difference - foreign exchange gains and losses | ​ | 4.7 | ​ | 2.1 | ​
Tax effects of foreign operations | ​ | 3.8 | ​ | 1.2 | ​
Increase in unrecognized tax benefits (ASC 740) | ​ | 2.6 | ​ | 1.2 | ​
State income tax net of federal benefit | ​ | 0.4 | ​ | 0.2 | ​
Return to provision true up | ​ | (0.6) | ​ | 2.0 | ​
Foreign rate differential | ​ | (1.5) | ​ | (6.3) | ​
Deemed interest | ​ | (7.1) | ​ | - | ​
Effect of stock based compensation | ​ | (22.7) | ​ | (1.0) | ​
Other | ​ | 6.2 | ​ | (0.7) | ​
Effective tax rate | ​ | 16.1 | % | 18.0 | %
Schedule of unrecognized tax benefits | The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the six months ended June 30, 2023 (in thousands): ​
​ | ​ | ​ | ​
​ |  | Unrecognized
​ |  | tax benefits
Balance - January 1, 2023 | ​ | $ | 1,680
Increase for current period tax positions | ​ |  | 87
Decrease for prior period tax positions | ​ | ​ | (68)
Interest accrual | ​ |  | 46
Foreign currency remeasurement | ​ |  | 7
Balance - June 30, 2023 | ​ | $ | 1,752
​

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