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INCOME TAX (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAX |
Schedule of net deferred tax assets |
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2023 |  | 2022
Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss carryforwards | ​ | $ | 79,078 | ​ | $ | 78,583
Capitalized costs | ​ |  | 5,409 | ​ |  | 3,095
Accruals and reserves | ​ |  | 4,610 | ​ |  | 4,830
Inventory reserves | ​ |  | 267 | ​ |  | 402
Stock compensation | ​ |  | 382 | ​ |  | 368
Loss on unrealized currency translation | ​ |  | 166 | ​ |  | 160
Research and development credits | ​ |  | 2,490 | ​ |  | 2,490
Financial guarantee liabilities | ​ |  | 5,410 | ​ |  | 5,320
Lease liability | ​ |  | 197 | ​ |  | 4
Provision for credit losses | ​ |  | 368 | ​ |  | 119
Gross deferred tax assets | ​ |  | 98,377 | ​ |  | 95,371
Valuation allowance | ​ |  | (97,628) | ​ |  | (94,446)
Net deferred tax assets | ​ |  | 749 | ​ |  | 925
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Revaluation of convertible promissory notes | ​ |  | (448) | ​ |  | (742)
Contract assets | ​ |  | (3) | ​ |  | (8)
ROU assets | ​ |  | (298) | ​ |  | (175)
Gross deferred tax liabilities | ​ |  | (749) | ​ |  | (925)
Net deferred income tax | ​ | $ | — | ​ | $ | —
Schedule of income tax provision | The provision for income taxes for the years ended December 31, 2023 and 2022 consisted of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2023 |  | 2022
Current |  | ​ |  |  | ​ |
Federal | ​ | $ | 215 | ​ | $ | 128
State | ​ |  | 1 | ​ |  | 1
Foreign | ​ |  | 325 | ​ |  | (8)
Total current | ​ |  | 541 | ​ |  | 121
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred | ​ |  |  | ​ |  |
Federal | ​ |  | — | ​ |  | —
State | ​ |  | — | ​ |  | —
Foreign | ​ |  | — | ​ |  | —
Total deferred | ​ |  | — | ​ |  | —
Total provision for income taxes | ​ | $ | 541 | ​ | $ | 121
Schedule of federal income tax rate to effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | 2023 |  | 2022
Expected benefit at statutory federal rate | ​ | $ | (4,941) | ​ | $ | (6,717)
State tax — net of federal benefit | ​ |  | 72 | ​ |  | 100
Research and development credits | ​ |  | — | ​ |  | (564)
Foreign income/losses taxed at different rates | ​ |  | 14 | ​ |  | 15
Unrecognized tax benefits | ​ |  | 276 | ​ |  | 126
Stock-based compensation | ​ |  | 8 | ​ |  | 3
Interest expense | ​ |  | 333 | ​ |  | 233
Remeasurements of net defined benefit liabilities | ​ |  | 5 | ​ |  | —
Exchange rate difference | ​ |  | 287 | ​ |  | 551
Change in tax rate | ​ |  | (242) | ​ |  | (92)
True-up deferred taxes | ​ |  | 1,382 | ​ |  | 3,254
True-up payable | ​ |  | 75 | ​ |  | —
Accumulated deficit | ​ |  | 67 | ​ |  | 10
Change in valuation allowance | ​ |  | 3,182 | ​ |  | 3,246
Other | ​ |  | 23 | ​ |  | (44)
Total provision for income taxes | ​ | $ | 541 | ​ | $ | 121
CONCORD ACQUISITION CORP III |
INCOME TAX |
Schedule of net deferred tax assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax asset: |  | 2023 |  | 2022
Organizational costs/startup expenses | ​ | $ | 1,223,864 | ​ | $ | 243,656
Federal net operating loss carryforward | ​ |  | — | ​ |  | —
Total deferred tax asset | ​ |  | 1,223,864 | ​ |  | 243,656
Valuation allowance | ​ |  | (1,223,864) | ​ |  | (243,656)
Deferred tax asset, net of allowance | ​ | $ | — | ​ | $ | —
Schedule of income tax provision | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year | ​ | For the year
​ |  | December 31, 2023 |  | December 31, 2022
Federal: |  | ​ | ​ | ​ |  | ​
Current | ​ | $ | 1,385,741 | ​ | $ | 995,207
Deferred | ​ | ​ | 980,208 | ​ |  | 172,282
​ | ​ | ​ | ​ | ​ | ​ | ​
State: | ​ | ​ | ​ | ​ |  | ​
Current | ​ | ​ | — | ​ |  | —
Deferred | ​ | ​ | — | ​ |  | —
Valuation allowance | ​ | ​ | (980,208) | ​ |  | (172,282)
Income tax provision | ​ | $ | 1,385,741 | ​ | $ | 995,207
Schedule of federal income tax rate to effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year | ​ | For the year | ​
​ |  | December 31, 2023 |  | December 31, 2022 | ​
Statutory federal income tax rate | ​ | 21.0 | % | 21.0 | %
Transaction costs | ​ | 0.0 | % | 0.0 | %
Change in fair value of warrant liability and Sponsor Loans | ​ | (100.3) | % | (17.7) | %
Transaction costs allocated to warrants | ​ | 12.8 | % | 0.0 | %
Change in valuation allowance | ​ | (160.7) | % | 0.7 | %
Income tax provision | ​ | (227.2) | % | 4.0 | %
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- 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
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- 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
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- 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
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