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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of provision for income taxes

The significant components of the provision for income taxes for the years ended December 31, 2023 and 2022 were as follows (in thousands):

​

​	​	​	​	​	​	​
​		2023			2022
Current income tax expense (benefit):		​			​
Foreign	​	$	1,181	​	$	1,131
Federal	​		120	​		144
State and local	​		3	​		30
​	​		1,304	​		1,305
Deferred income tax expense (benefit):	​			​
Foreign	​		(286)	​		207
Federal	​		10	​		10
State and local	​		-	​		-
​	​		(276)	​		217
Provision for income taxes	​	$	1,028	​	$	1,522

Schedule of reconciliation of U.S. statutory rate with Company's effective tax rate

The reconciliation of the U.S. statutory rate with the Company’s effective tax rate for the years ended December 31, 2023 and 2022 is summarized as follows:

​

​	​	​	​	​	​
​		2023		2022
Federal income tax expense (benefit) at statutory rate		21.0	%	(21.0)	%
Effect of:		​		​	​
Change in valuation allowance		578.6		36.9	​
Tax effects of foreign operations		562.6		2.5	​
Section 162 (m)	​	452.0	​	-	​
Return to provision true up		264.4		0.3	​
Increase in unrecognized tax benefits (ASC 740)		199.6		0.7	​
Withholding tax	​	106.6	​	-	​
Foreign operations permanent differences - foreign exchange gains and losses	​	76.9	​	1.1	​
State income tax net of federal benefit		0.1		0.2	​
Research and development credit	​	(67.3)	​	-	​
Foreign rate differential		(102.5)		(4.7)	​
Deemed interest	​	(149.2)	​	(1.9)	​
Tax effect of intercompany settlement	​	(234.0)	​	-	​
Effect of stock-based compensation		(961.6)		(0.3)	​
Other	​	(7.6)	​	0.7	​
Effective tax rate		739.6	%	14.5	%

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, 2023 and 2022 were as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2022
Deferred income tax assets:		​			​
Allowances not currently deductible	​	$	283	​	$	301
Depreciation and amortization	​		58	​		9
Equity compensation not currently deductible	​		2,098	​		1,579
Net operating loss carryforwards	​		10,514	​		10,758
Research and development credits	​	​	452	​	​	362
Expenses not deductible until paid	​		1,972	​		1,694
Other	​		133	​		(220)
Total gross deferred income tax assets before valuation allowance	​		15,510	​		14,483
Valuation allowance	​		(13,769)	​		(13,008)
Deferred income tax assets, net	​	​	1,741	​	​	1,475
​	​	​	​	​	​	​
Deferred income tax liabilities:	​			​
Other	​		(22)	​		(65)
Total deferred income tax liabilities	​		(22)	​		(65)
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,719	​	$	1,410
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,741	​	$	1,475
Net deferred income tax liability	​	​	(22)	​	​	(65)
​	​	​	​	​	​	​
Net deferred income tax assets	​	$	1,719	​	$	1,410

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

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

​

​	​	​	​	​	​	​
​	​	2023		​	2022
United States	​	$	2,025	​	$	(4,023)
Foreign	​		(1,886)	​		(6,460)
Totals	​	$	139	​	$	(10,483)

Schedule of roll forward of the Company's unrecognized tax benefits and associated interest

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,
​		2023			2022
Balance at January 1	​	$	1,680	​	$	1,753
Decrease for prior year tax positions	​		(68)	​		(290)
Increase for current year tax positions	​		247	​		311
Interest accrual	​		97	​		67
Foreign currency remeasurement	​		(14)	​		(161)
Balance at December 31	​	$	1,942	​	$	1,680

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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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