XML 47 R29.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income tax (Benefit) Expense | The Company's components of income tax (benefit) expense consisted of the following.
|  | Years Ended December 31, |
Income Tax Provision |  | 2023 |  |  | 2022 |  |  | 2021 |
Federal |  | $ | (80 | ) |  | $ | - |  |  | $ | - |
Foreign |  |  | 28 |  |  |  | 99 |  |  |  | 133 |
State and local |  |  | 117 |  |  |  | 233 |  |  |  | - |
Current provision |  |  | 65 |  |  |  | 332 |  |  |  | 133 |
Federal |  |  | (173 | ) |  |  | (4,390 | ) |  |  | - |
Foreign |  |  | - |  |  |  | (3 | ) |  |  | (18 | )
State and local |  |  | - |  |  |  | (1,327 | ) |  |  | - |
Deferred (benefit) provision |  |  | (173 | ) |  |  | (5,720 | ) |  |  | (18 | )
Income tax (benefit) expense |  | $ | (108 | ) |  | $ | (5,388 | ) |  | $ | 115 |
Schedule of Reconciliation of Effective Tax Rate | The following table presents a reconciliation of the Company’s effective tax rates for the periods indicated.
|  | Years Ended December 31, |
Rate Reconciliation |  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State rate net of fed benefit |  |  | 2.7 | % |  |  | 3.4 | % |  |  | 8.1 | %
Change in valuation allowance |  |  | (28.3 | %) |  |  | (18.2 | %) |  |  | (33.8 | %)
SPAC transaction costs |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 3.7 | %
Stock compensation |  |  | 0.0 | % |  |  | 2.0 | % |  |  | 0.0 | %
Permanent adjustments |  |  | (1.3 | %) |  |  | (0.2 | %) |  |  | (0.6 | %)
Deferred Adjustments |  |  | 4.4 | % |  |  | (2.8 | %) |  |  | 0.0 | %
Other |  |  | 1.7 | % |  |  | 0.1 | % |  |  | 1.4 | %
Effective Tax Rate |  |  | 0.2 | % |  |  | 5.3 | % |  |  | (0.2 | %)
Schedule of Components of Deferred Income Tax Assets and Liabilities | Tax effects of temporary differences can give rise to significant portions of deferred tax assets and deferred tax liabilities. The components of deferred income tax assets and liabilities are as follows.
Tax Effects of Temporary Differences |  | As of December 31, |
|  | 2023 |  |  | 2022 |
Attributes |  |  |  |  |  |
Deferred tax asset |  |  |  |  |  |
Federal NOLs |  | $ | 42,166 |  |  | $ | 38,326 |
State NOLs |  |  | 10,518 |  |  |  | 9,782 |
Deferred revenue |  |  | 14,551 |  |  |  | 14,021 |
Capitalized R&D |  |  | 9,857 |  |  |  | 7,973 |
Other deferred tax assets |  |  | 7,968 |  |  |  | 9,187 |
Total deferred tax assets |  |  | 85,060 |  |  |  | 79,289 |
Less: Valuation allowance |  |  | (71,490 | ) |  |  | (61,683 | )
Total net deferred tax asset |  | $ | 13,570 |  |  | $ | 17,606 |
IRC 481(a) Adjustment |  |  | (714 | ) |  |  | (324 | )
Deferred costs of revenue |  |  | (5,733 | ) |  |  | (8,960 | )
Intangibles |  |  | (6,208 | ) |  |  | (7,408 | )
Other deferred tax liabilities |  |  | (971 | ) |  |  | (1,142 | )
Total deferred tax liabilities |  |  | (13,626 | ) |  |  | (17,834 | )
Net deferred tax liability |  | $ | (56 | ) |  | $ | (228 | )
Summary of Changes in Gross Unrecognized Tax Benefits | A summary of changes in the Company's gross unrecognized tax benefits for the years ended December 31, 2023 and 2022 is as follows (in thousands):
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Unrecognized tax benefits - January 1 |  | $ | 23,252 |  |  | $ | 8,757 |
Gross increases - tax positions in prior period |  |  | - |  |  |  | - |
Gross decreases - tax positions in prior period |  |  | (21,650 | ) |  |  | - |
Gross increases - tax positions in current period |  |  | 2,215 |  |  |  | 14,495 |
Settlement |  |  | - |  |  |  | - |
Lapse of statute of limitations |  |  | - |  |  |  | - |
Unrecognized tax benefits - December 31 |  | $ | 3,817 |  |  | $ | 23,252 |
Unrecognized tax benefits - December 31 (tax-effected) |  | $ | 1,172 |  |  | $ | 6,658 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration