v3.22.4

INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Benefit | Total income tax benefit for the years ended December 31, 2022, 2021 and 2020 was allocated as follows:
|  | 2022 |  | 2021 |  | 2020
Total tax expense (benefit) |  | $ | (4,947) |  |  | $ | (1,128) |  |  | $ | (723) |
The components of income tax benefit for the years ended December 31, 2022, 2021 and 2020 are as follows:
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 68 |  |  | — |  |  | — |
Foreign | 17 |  |  | — |  |  | — |
| 85 |  |  | — |  |  | — |
Deferred: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | — |  |  | — |  |  | — |
Foreign | (2,018) |  |  | (1,128) |  |  | (723) |
Decrease in valuation allowance | (3,014) |  |  | — |  |  | — |
Total income tax expense (benefit) | $ | (4,947) |  |  | $ | (1,128) |  |  | $ | (723) |
Schedule of Income before Income Tax, Domestic and Foreign | For the years ended December 31, 2022, 2021 and 2020 loss before taxes of the Company consists of the following:
|  | 2022 |  | 2021 |  | 2020
Domestic |  | $ | 6,451 |  |  | $ | (9,232) |  |  | $ | (28,756) |
Foreign |  | (10,140) |  |  | (8,156) |  |  | (4,911) |
Total |  | $ | (3,689) |  |  | $ | (17,388) |  |  | $ | (33,667) |
Schedule of Reconciliation Between the Effective Tax Rate and the Statutory Tax Rate | The reconciliation between the effective tax rate and the statutory tax rate is as follows:
| December 31,
| 2022 |  | 2021 |  | 2020
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State statutory rate, net of federal benefit | (6.3) | % |  | 2.0 | % |  | 1.8 | %
Effect of foreign rates different from statutory | 6.4 | % |  | (0.1) | % |  | 0.1 | %
Change in state rate | 0.9 | % |  | (1.3) | % |  | (2.5) | %
Excess tax benefits from stock plans | 9.6 | % |  | 7.5 | % |  | 0.6 | %
Nondeductible/nontaxable or other items | (22.1) | % |  | 11.9 | % |  | 0.5 | %
Unborn foreign tax deduction | 6.8 | % |  | (1.5) | % |  | 4.0 | %
US benefit of foreign branches | 64.4 | % |  | — | % |  | — | %
Nondeductible executive compensation | (4.4) | % |  | — | % |  | — | %
Change in valuation allowance | 57.8 | % |  | (33.1) | % |  | (23.4) | %
Income tax (expense) benefit | 134.1 | % |  | 6.3 | % |  | 2.1 | %
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities consisted of the following at December 31, 2022 and 2021:
| 2022 |  | 2021
Deferred tax assets: |  |  |
Inventories, net | $ | 5,804 |  |  | $ | 4,206 |
Stock based compensation | 2,534 |  |  | 2,454 |
Loss carryforwards | 38,443 |  |  | 35,421 |
Credit carryforwards | 176 |  |  | 176 |
Interest carryforward | 520 |  |  | 338 |
Other | 787 |  |  | 444 |
Total deferred tax assets | 48,264 |  |  | 43,039 |
Valuation allowance | (36,778) |  |  | (38,911) |
Net deferred tax assets | 11,486 |  |  | 4,128 |
Deferred tax liabilities: |  |  |
Intangibles | (15,737) |  |  | (7,518) |
Property, plant and equipment | (1,703) |  |  | (1,238) |
Total deferred tax liabilities | (17,440) |  |  | (8,756) |
Foreign currency translation impact | — |  |  | (143) |
Deferred tax assets (liabilities), net | $ | (5,954) |  |  | $ | (4,771) |

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