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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Income Taxes | NOTE 17. INCOME TAXES Consolidated (loss) income from continuing operations before income taxes consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. operations | ​ | $ | (19,929) | ​ | $ | (24,318) | ​ | $ | (14,043)
Foreign operations | ​ | ​ | (150) | ​ | ​ | (83,200) | ​ | ​ | (3,068)
Loss from continuing operations before income tax | ​ | $ | (20,079) | ​ | $ | (107,518) | ​ | $ | (17,111)
​ The components of the benefit for income taxes attributable to continuing operations consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | $ | - | ​ | $ | - | ​ | $ | (6,064)
State and local | ​ | 90 | ​ | ​ | 150 | ​ | ​ | (162)
Foreign | ​ | 833 | ​ | ​ | 1,575 | ​ | ​ | 2,057
​ | ​ | 923 | ​ | ​ | 1,725 | ​ | ​ | (4,169)
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | (4,972) | ​ | ​ | (1,338) | ​ | ​ | 4,453
State and local | ​ | 2,909 | ​ | ​ | 604 | ​ | ​ | 472
Foreign | ​ | (542) | ​ | ​ | (14,652) | ​ | ​ | (2,020)
​ | ​ | (2,605) | ​ | ​ | (15,386) | ​ | ​ | 2,905
Change in valuation allowance for deferred income taxes | ​ | (2,609) | ​ | ​ | (1,055) | ​ | ​ | (17,970)
​ | ​ | (5,214) | ​ | ​ | (16,441) | ​ | ​ | (15,065)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax benefit | $ | (4,291) | ​ | $ | (14,716) | ​ | $ | (19,234)
​ The allocation of income tax expense (benefit) between continuing and discontinued operations was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Continuing operations | $ | (4,291) | ​ | $ | (14,716) | ​ | $ | (19,234)
Discontinued operations | ​ | 2,024 | ​ | ​ | 7,365 | ​ | ​ | 7,020
​ | $ | (2,267) | ​ | $ | (7,351) | ​ | $ | (12,214)
​ The Company’s foreign operations that are considered to be permanently reinvested have statutory tax rates of approximately 24% to 30%. The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the Company’s financial statements: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Statutory income tax (benefit) expense | ​ | (21.0) | % | ​ | (21.0) | % | ​ | (21.0) | %
Increase (decrease) in income taxes resulting from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign taxes | ​ | 0.6 | ​ | ​ | (3.5) | ​ | ​ | 1.0 | ​
State income taxes, net of federal income taxes | ​ | (1.9) | ​ | ​ | 1.0 | ​ | ​ | 3.7 | ​
Income tax credits | ​ | (6.6) | ​ | ​ | (1.3) | ​ | ​ | (6.3) | ​
Stock options | ​ | 1.2 | ​ | ​ | (0.9) | ​ | ​ | (4.5) | ​
Change in effective state rate | ​ | - | ​ | ​ | 0.1 | ​ | ​ | 0.2 | ​
Deferred tax asset write-offs | ​ | 13.0 | ​ | ​ | - | ​ | ​ | - | ​
Executive compensation limitation | ​ | 4.4 | ​ | ​ | 2.2 | ​ | ​ | 5.9 | ​
Change in valuation allowance | ​ | (13.0) | ​ | ​ | (1.0) | ​ | ​ | (105.0) | ​
Impairment of goodwill | ​ | - | ​ | ​ | 10.3 | ​ | ​ | - | ​
Research and development expenditure | ​ | 1.9 | ​ | ​ | 0.4 | ​ | ​ | 1.4 | ​
Fair value inventory step-up | ​ | - | ​ | ​ | - | ​ | ​ | 3.9 | ​
Transaction costs | ​ | - | ​ | ​ | - | ​ | ​ | 8.3 | ​
Income tax (benefit) expense | ​ | (21.4) | % | ​ | (13.7) | % | ​ | (112.4) | %
​ The deferred tax asset write-offs relate to NOLs that were fully offset by a release in the valuation allowance. Deferred income tax assets and liabilities are determined based on the difference between the financial reporting carrying amounts and tax bases of existing assets and liabilities and operating loss and tax credit carryforwards. Significant components of the Company’s existing deferred income tax assets and liabilities as of December 31, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | December 31,
​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets: | ​ | ​ | ​ | ​ | ​
Net operating loss, capital loss and research & experimentation credit carryforwards | $ | 6,752 | ​ | $ | 10,685
Capitalized research and development costs | ​ | 8,937 | ​ | ​ | 8,205
Capitalized costs to self-constructed property | ​ | 10,593 | ​ | ​ | 7,892
Non-cash compensation | ​ | 2,360 | ​ | ​ | 2,534
Accrued liabilities | ​ | 1,655 | ​ | ​ | 1,472
Reserves and other | ​ | 4,624 | ​ | ​ | 1,960
Lease liabilities | ​ | 3,902 | ​ | ​ | -
Intangibles | ​ | 1,070 | ​ | ​ | 224
​ | ​ | 39,893 | ​ | ​ | 32,972
Valuation allowance | ​ | (714) | ​ | ​ | (3,323)
Net deferred tax assets | ​ | 39,179 | ​ | ​ | 29,649
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | (1,712) | ​ | ​ | (1,390)
Intangibles | ​ | (28,470) | ​ | ​ | (28,319)
Right-of-use assets | ​ | (3,647) | ​ | ​ | -
Other | ​ | (605) | ​ | ​ | (534)
​ | ​ | (34,434) | ​ | ​ | (30,243)
​ | ​ | ​ | ​ | ​ | ​
Total | $ | 4,745 | ​ | $ | (594)
​ Certain deferred income tax balances are not netted as they represent deferred amounts applicable to different taxing jurisdictions. The Company has provided a valuation allowance against a portion of the deferred tax assets as of December 31, 2023, because the ultimate realization of those assets does not meet the more-likely-than-not criteria. The majority of the Company’s deferred tax assets consist of net operating loss carryforwards for federal tax purposes. If a change in control were to occur, these could be limited under Section 382 of the Internal Revenue Code of 1986 (“Code”), as amended. In assessing the realizability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and net operating loss and credit carryforwards expire. The estimates and judgments associated with the Company’s valuation allowance on deferred tax assets are considered critical due to the amount of deferred tax assets recorded by the Company on its consolidated balance sheets and the judgment required in determining the Company’s potential for future taxable income. The need for a valuation allowance is reassessed at each reporting period. The net change in the valuation allowance for deferred income tax assets was ($2,609), ($1,055), and ($17,970) during the years ended December 31, 2023, 2022, and 2021, respectively. A roll forward of our valuation allowance for deferred income tax assets for the years ended December 31, 2023, 2022, and 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Balance at Beginning of Year | ​ | Charged to Costs and Expenses | ​ | Other Adjustments | ​ | Balance at End of Year
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2021 | $ | 22,348 | ​ | $ | (17,970) | ​ | $ | - | ​ | $ | 4,378
2022 | $ | 4,378 | ​ | $ | 51 | ​ | $ | (1,106) | ​ | $ | 3,323
2023 | $ | 3,323 | ​ | $ | 26 | ​ | $ | (2,635) | ​ | $ | 714
​ As of December 31, 2023, the Company has net operating loss carryforwards (“NOLs”) and research and experimentation credit for U.S. federal income tax purposes of $7,699 and $2,997, respectively. The Company believes its U.S. Federal NOLs will substantially offset its future U.S. Federal income taxes until expiration. The majority of the Company’s pre-tax income is currently earned and expected to be earned in the U.S., or taxed in the U.S. as Subpart F. income and will be offset with the NOLs. There are no NOLs that expire on December 31, 2024. NOLs available to offset taxable income, subject to compliance with Section 382 of the Code, begin to expire based upon the following schedule: ​
​ | ​ | ​ | ​
Net Operating Loss Carryforward Expiration Dates
December 31, 2023
​ | ​ | ​ | ​
Expiration Dates December 31, |  | Net Operating Loss Amount
2024 | ​ | $ | -
2025 | ​ | ​ | -
2026 | ​ | ​ | -
2027 and beyond | ​ | ​ | 7,699
Total | ​ | $ | 7,699
​ Tax positions are recognized in the financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. The Company conducts its business globally. As a result, the Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions and are subject to examination for the open tax years in the U.S. federal and state jurisdictions of 2016 through 2022 and in the foreign jurisdictions of 2008 through 2022. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | December 31,
​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of year | $ | 813 | ​ | $ | 696 | ​ | $ | 427
Additions for current year tax positions | ​ | 98 | ​ | ​ | 159 | ​ | ​ | 143
Additions for prior year tax positions | ​ | 8 | ​ | ​ | - | ​ | ​ | 237
Reductions for prior year tax positions | ​ | - | ​ | ​ | (42) | ​ | ​ | (111)
Reductions due to statute expirations | ​ | (29) | ​ | ​ | - | ​ | ​ | -
Balance, end of year | $ | 890 | ​ | $ | 813 | ​ | $ | 696
​ Included in the balance of total unrecognized tax benefits at December 31, 2023 and 2022, are potential benefits of $930 and $813, respectively, that if recognized, would affect the effective rate, subject to impact of valuation allowance, on income from continuing operations. Unrecognized tax benefits that reduce a net operating loss, similar tax loss or tax credit carryforward are presented as a reduction to deferred income taxes. As a result, the Company classified $516 and $454 of its unrecognized tax benefit as a reduction to deferred tax assets as of December 31, 2023 and 2022, respectively. Interest and penalty expense recognized related to uncertain tax positions were not significant during the years ending December 31, 2023, 2022, and 2021, respectively. Total accrued interest and penalties as of December 31, 2023 and 2022, were not significant.

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