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Income Taxes (Tables)

12 Months Ended

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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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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