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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of loss before income tax, domestic and foreign

Loss before provision for income taxes was attributed to the following jurisdictions for the years ended December 31, 2022, 2021 and 2020 (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2021			2020
United States	​	$	(34,854)	​	$	(273,531)	​	$	(32,873)
Foreign	​		(240)	​		(311)	​		135
​	​	$	(35,094)	​	$	(273,842)	​	$	(32,738)

​

Schedule of components of provision (benefit) for income taxes

The provision for income taxes consists of the following for the years ended December 31, 2022, 2021 and 2020 (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2021			2020
Current:		​			​			​
Federal	​	$	—	​	$	—	​	$	11
State	​		70	​		112	​		110
Foreign	​		2,634	​		1,783	​		361
Total current expense	​		2,704	​		1,895	​		482
​	​	​	​	​	​	​	​	​	​
Deferred:	​		​	​		​	​		​
Federal	​		(7,712)	​		(11,646)	​		(8,245)
State	​		(191)	​		(1,564)	​		(832)
Foreign	​		(1,545)	​		(1,126)	​		(738)
Change in valuation allowance	​		8,983	​		14,127	​		9,288
Total deferred expense	​		(465)	​		(209)	​		(527)
Total provision for (benefit from) income taxes	​	$	2,239	​	$	1,686	​	$	(45)

​

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 are shown below (in thousands):

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
Deferred tax assets:		​
Net operating loss carryforward	​	$	40,927	​	$	37,022
Expenses recognized for granting of options and warrants	​		4,847	​		4,152
Interest expense	​	​	4,081	​	​	3,208
Unrealized losses	​	​	9,365	​	​	1,011
Capitalized research & experimentation	​	​	2,724	​	​	—
R&D tax credit	​	​	2,046	​	​	—
Accrued expenses and reserves	​		860	​		1,929
Lease liability	​	​	4,712	​	​	3,471
Total deferred tax assets	​	​	69,562	​	​	50,793
Valuation allowance	​		(61,700)	​		(45,885)
​	​	$	7,862	​	$	4,908
Deferred tax liabilities:	​	​	​	​	​	​
Goodwill	​	$	(2,779)	​	$	(1,650)
Right-of-use assets	​	​	(4,382)	​	​	(3,268)
Intangibles	​	​	(3,906)	​	​	(2,938)
Unremitted foreign earnings	​	​	(777)	​	​	(651)
Total deferred tax liability	​	​	(11,844)	​	​	(8,507)
Net deferred tax liability	​	$	(3,982)	​	$	(3,599)

​

Our net deferred tax liability as presented in our consolidated balance sheet consists of the following items (in thousands):

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
Deferred tax assets	​	$	947	​	$	419
Deferred tax liabilities	​		(4,929)	​		(4,018)
Net deferred tax liability	​	$	(3,982)	​	$	(3,599)

​

Schedule of provision (benefit) for income taxes differs from that computed using the federal statutory rate applied to loss before provision for income taxes

The provision for (benefit from) income taxes differs from that computed using the federal statutory rate applied to loss before provision for income taxes as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021			2020
Computed tax benefit at federal statutory rate	​	$	(7,370)	​	$	(57,507)	​	$	(6,875)
State tax, net of federal benefit	​		296	​		(1,222)	​		(1,077)
Non-deductible loss on debt extinguishment	​	​	—	​	​	50,817	​	​	—
Stock compensation	​		1,881	​		(7,543)	​		(2,683)
Deemed foreign dividend income	​	​	—	​	​	198	​	​	—
R&D tax credit	​	​	(590)	​	​	—	​	​	—
Permanent differences and other	​		352	​		813	​		(375)
Transaction cost	​	​	160	​	​	—	​	​	528
Executive compensation	​	​	83	​	​	1,894	​	​	609
Rate changes	​	​	(113)	​	​	105	​	​	408
Contingencies	​		(1,443)	​		8	​		112
Valuation allowance	​		8,983	​		14,123	​		9,308
​	​	$	2,239	​	$	1,686	​	$	(45)

​

Schedule of unrecognized tax benefits, excluding amounts pertaining to examined tax returns

A reconciliation of the beginning and ending amounts of unrecognized tax positions are as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021			2020
Unrecognized tax positions, beginning of period	​	$	4,932	​	$	1,272	​	$	963
Gross increase – current period tax positions	​		214	​		2,220	​		358
Gross decrease – prior period tax positions	​		(1,672)	​		—	​		(113)
Gross increase – prior period tax positions	​		—	​		1,440	​		64
Expiration of statute of limitations	​		—	​		—	​		—
Unrecognized tax positions, end of period	​	$	3,474	​	$	4,932	​	$	1,272

​

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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, excluding amounts pertaining to examined tax returns.

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