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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes |
Income Taxes | 10. Income Taxes ​ The Company’s U.S. and foreign source income/(loss) were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2024 | ​ | 2023 |
U.S. | ​ | $ | (64) | ​ | $ | (154) | ​
Canada | ​ | ​ | (14,764) | ​ | ​ | (3,097) | ​
Other foreign, net | ​ | ​ | 26,077 | ​ | ​ | (3,334) | ​
​ | ​ | $ | 11,249 | ​ | $ | (6,585) | ​
​ During the years ended December 31, 2024 and 2023, the Company recognized $nil current and deferred income tax expense or benefit in each of the U.S., Canada, and other foreign jurisdictions, due to full valuation allowances within each jurisdiction. ​ Rate Reconciliation ​ Reconciliations between the Company’s combined income (loss) taxed at statutory rates and the income tax (benefit)/expense were:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2024 | ​ | 2023 |
Combined income taxed at statutory rates | ​ | $ | 2,363 | ​ | $ | (1,383) | ​
Increase (decrease) in taxes from: | ​ | ​ | ​ | ​ | ​ | ​ | ​
State Tax | ​ | ​ | 9 | ​ | ​ | 5 | ​
Stock-based compensation | ​ | ​ | 130 | ​ | ​ | 117 | ​
Meals and Entertainment | ​ | ​ | 1 | ​ | ​ | 1 | ​
Imputed interest | ​ | ​ | 71 | ​ | ​ | 60 | ​
Other adjustments | ​ | ​ | (366) | ​ | ​ | (7) | ​
Expiring NOLs | ​ | ​ | — | ​ | ​ | 137 | ​
Inflation adjustment | ​ | ​ | — | ​ | ​ | — | ​
Prior year provision to actual adjustments | ​ | ​ | (313) | ​ | ​ | 580 | ​
Change in U.S. tax rate | ​ | ​ | 4 | ​ | ​ | — | ​
Differentials in foreign tax rates | ​ | ​ | 1,464 | ​ | ​ | (484) | ​
Changes in foreign exchange rates | ​ | ​ | 1,860 | ​ | ​ | (77) | ​
Changes in valuation allowances affecting income tax expense or benefit | ​ | ​ | (5,223) | ​ | ​ | 1,051 | ​
Income tax (benefit)/expense | ​ | $ | — | ​ | $ | — | ​
​ Deferred Taxes ​ Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Components of the Company’s deferred tax assets and liabilities were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 | ​ | 2023 |
Deferred income tax assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Excess tax basis over book basis of property, plant and equipment | ​ | $ | 6,924 | ​ | $ | 7,225 | ​
Operating loss carryforwards | ​ | ​ | 41,440 | ​ | ​ | 40,817 | ​
Capital loss carryforwards | ​ | ​ | 14,954 | ​ | ​ | 14,394 | ​
Capital expenditures | ​ | ​ | 366 | ​ | ​ | 366 | ​
Stock compensation | ​ | ​ | 33 | ​ | ​ | 54 | ​
VAT recoverable | ​ | ​ | 144 | ​ | ​ | 176 | ​
Unrealized foreign exchange gain/loss | ​ | ​ | 6 | ​ | ​ | 7 | ​
Offering costs | ​ | ​ | 104 | ​ | ​ | 157 | ​
Accrued vacation | ​ | ​ | 24 | ​ | ​ | 22 | ​
Other | ​ | ​ | — | ​ | ​ | — | ​
Total future tax assets | ​ | ​ | 63,995 | ​ | ​ | 63,218 | ​
Valuation allowance for future tax assets | ​ | ​ | (57,995) | ​ | ​ | (63,218) | ​
​ | ​ | ​ | 6,000 | ​ | ​ | — | ​
Deferred income tax liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred proceeds for tax purposes from royalty transaction | ​ | ​ | 6,000 | ​ | ​ | — | ​
Other investments | ​ | ​ | — | ​ | ​ | — | ​
​ | ​ | ​ | 6,000 | ​ | ​ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred taxes, net | ​ | $ | — | ​ | $ | — | ​
​ Valuation Allowance on Canadian and Foreign Tax Assets ​ We establish a valuation allowance against income tax assets if, based on available information, it is more likely than not that all of the assets will not be realized. The valuation allowances of $57,995 and $63,218 at December 31, 2024 and 2023, respectively, related mainly to operating loss carryforwards where utilization is not deemed to be more likely than not. The Company periodically assesses both positive and negative evidence to determine whether it is more likely than not that deferred tax assets can be realized prior to expiration. ​ Loss Carryforwards ​ The Company’s tax loss carryforwards expire as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Noncapital Canada |  | U.S. |  | Mexico |  | Barbados |  | Total | ​
2025 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 79 | ​ | ​ | 6 | ​ | ​ | 85 | ​
2026 | ​ | ​ | 1,027 | ​ | ​ | — | ​ | ​ | 815 | ​ | ​ | 5 | ​ | ​ | 1,847 | ​
2027 | ​ | ​ | 847 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7 | ​ | ​ | 854 | ​
2028 | ​ | ​ | 5,245 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7 | ​ | ​ | 5,252 | ​
2029 | ​ | ​ | 4,022 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2 | ​ | ​ | 4,024 | ​
2030 | ​ | ​ | 5,032 | ​ | ​ | 1,359 | ​ | ​ | — | ​ | ​ | 12 | ​ | ​ | 6,403 | ​
2031 | ​ | ​ | 3,806 | ​ | ​ | 3,407 | ​ | ​ | 71 | ​ | ​ | 7 | ​ | ​ | 7,291 | ​
2032 | ​ | ​ | 6,397 | ​ | ​ | 2,323 | ​ | ​ | 49 | ​ | ​ | — | ​ | ​ | 8,769 | ​
2033 | ​ | ​ | 6,185 | ​ | ​ | 3,098 | ​ | ​ | 46 | ​ | ​ | — | ​ | ​ | 9,329 | ​
2034 | ​ | ​ | 4,420 | ​ | ​ | — | ​ | ​ | 82 | ​ | ​ | — | ​ | ​ | 4,502 | ​
2035 | ​ | ​ | 3,729 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,731 | ​
2036 | ​ | ​ | 2,799 | ​ | ​ | 2,655 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,454 | ​
2037 | ​ | ​ | 1,916 | ​ | ​ | 2,482 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,398 | ​
2038 | ​ | ​ | 2,666 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,666 | ​
2039 | ​ | ​ | 3,338 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,338 | ​
2040 | ​ | ​ | 2,829 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,829 | ​
2041 | ​ | ​ | 3,195 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,195 | ​
2042 | ​ | ​ | 734 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 734 | ​
2043 | ​ | ​ | 2,905 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,905 | ​
2044 | ​ | ​ | 2,470 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,470 | ​
​ | ​ | $ | 63,562 | ​ | $ | 15,326 | ​ | $ | 1,142 | ​ | $ | 46 | ​ | $ | 80,076 | ​
​ U.S. loss carryforwards for tax years beginning in 2018 of $2,372, Canadian capital loss carryforwards of $110,770 and Australian net operating losses of $67,063, which do not expire, are not included in the previous table. ​ Tax Statute of Limitations ​ The Company files income tax returns in Canada, U.S. federal and state jurisdictions, and other foreign jurisdictions. There are currently no tax examinations underway for these jurisdictions. Furthermore, the Company is no longer subject to Canadian tax examinations by the Canadian Revenue Agency for years ended on or before December 31, 2020 or U.S. federal income tax examinations by the Internal Revenue Service for years ended on or before December 31, 2020. Some U.S. state and other foreign jurisdictions are still subject to tax examination for years ended on or before December 31, 2019. ​ Although certain tax years are closed under the statute of limitations, tax authorities can still adjust losses being carried forward to open years. See Note 8 for discussion of ongoing legal matters associated with an assessment by the SAT.

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