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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Current income tax provision: |  | ​ |  |  | ​ |
Foreign | ​ | $ | 525 | ​ | $ | 1,181
Federal | ​ |  | 126 | ​ |  | 120
State and local | ​ |  | 768 | ​ |  | 3
​ | ​ |  | 1,419 | ​ |  | 1,304
Deferred income tax provision: | ​ |  |  | ​ |  |
Foreign | ​ |  | (294) | ​ |  | (286)
Federal | ​ |  | (4,059) | ​ |  | 10
State and local | ​ |  | (1,256) | ​ |  | -
​ | ​ |  | (5,609) | ​ |  | (276)
​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for income taxes | ​ | $ | (4,190) | ​ | $ | 1,028
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, 2024 and 2023 is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
Federal income tax expense at statutory rate |  | 21.0 | % | 21.0 | %
Effect of: |  | ​ |  | ​ | ​
Section 162 (m) |  | 57.6 |  | 452.0 | ​
Global Intangible Low-Taxed Income (GILTI) | ​ | 3.1 | ​ | 0.0 | ​
Tax effects of foreign operations |  | 1.5 |  | 562.6 | ​
Return to provision true up |  | 0.8 |  | 264.4 | ​
Foreign operations permanent differences - foreign exchange gains and losses |  | 0.6 |  | 76.9 | ​
Withholding tax | ​ | 0.5 | ​ | 106.6 | ​
Research and development credit | ​ | - | ​ | (67.3) | ​
Tax effect of intercompany settlement | ​ | - | ​ | (234.0) | ​
Deemed interest |  | (0.6) |  | (149.2) | ​
Foreign rate differential |  | (0.9) |  | (102.5) | ​
State income tax net of federal benefit |  | (1.8) |  | 0.1 | ​
Increase (decrease) in unrecognized tax benefits (ASC 740) | ​ | (3.8) | ​ | 199.6 | ​
Change in valuation allowance |  | (30.7) |  | 578.6 | ​
Effect of stock-based compensation | ​ | (64.8) | ​ | (961.6) | ​
Other | ​ | 0.4 | ​ | (7.6) | ​
Effective tax rate |  | (17.1) | % | 739.6 | %
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, 2024 and 2023 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
Deferred income tax assets: |  | ​ |  |  | ​ |
Allowances not currently deductible | ​ | $ | 459 | ​ | $ | 283
Depreciation and amortization | ​ |  | - | ​ |  | 58
Equity compensation not currently deductible | ​ |  | 886 | ​ |  | 2,098
Net operating loss carryforwards | ​ |  | 7,755 | ​ |  | 10,514
Expenses not deductible until paid | ​ |  | 3,274 | ​ |  | 1,972
Other | ​ |  | 87 | ​ |  | 585
Total gross deferred income tax assets before valuation allowance | ​ |  | 12,461 | ​ |  | 15,510
Valuation allowance | ​ |  | (4,969) | ​ |  | (13,769)
Total Deferred income tax assets, net | ​ | ​ | 7,492 | ​ | ​ | 1,741
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income tax liabilities: | ​ |  |  | ​ |  |
Amortization of Intangibles | ​ | ​ | (32) | ​ | ​ | -
Other | ​ |  | - | ​ |  | (22)
Total Deferred income tax liabilities | ​ |  | (32) | ​ |  | (22)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred income tax assets | ​ | $ | 7,460 | ​ | $ | 1,719
​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred income tax assets, net | ​ | $ | 7,492 | ​ | $ | 1,741
Total deferred income tax liabilities | ​ | ​ | (32) | ​ | ​ | (22)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred income tax assets, net | ​ | $ | 7,460 | ​ | $ | 1,719
Schedule of United States and foreign components of loss before provision for income taxes | United States and foreign components of income (loss) before provision for income taxes for each of the years ended December 31, were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
United States | ​ | $ | 21,692 | ​ | $ | 2,025
Foreign | ​ |  | 2,793 | ​ |  | (1,886)
Totals | ​ | $ | 24,485 | ​ | $ | 139
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,
​ |  | 2024 |  | 2023
Balance at beginning of the year | ​ | $ | 1,942 | ​ | $ | 1,680
Decrease for prior year tax positions | ​ |  | (1,309) | ​ |  | (68)
Increase for current year tax positions | ​ |  | 341 | ​ |  | 247
Interest accrual | ​ |  | 80 | ​ |  | 97
Foreign currency remeasurement | ​ |  | (55) | ​ |  | (14)
Balance at end of the year | ​ | $ | 999 | ​ | $ | 1,942

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