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Taxation (Tables)

12 Months Ended

Dec. 31, 2022

Taxation

Schedule of unrecognized tax-losses incurred

​

​	​	​	​
(in thousands)		Loss per year
2017	​	$	862
2018	​		2,756
2019	​		1,084
2020	​		—
2021	​	​	908
2022	​		289
​	​	$	5,900

​

Schedule of the reconciliation of income tax expense at statutory tax rate and the income expenses as reported in the consolidated statement of loss and other comprehensive income

​

​	​	​	​	​	​	​	​	​	​
​		For the Year Ended December 31,
(in thousands)		2022			2021			2020
Loss before income tax	​	$	(31,658)	​	$	(42,198)	​	$	(15,884)
Computed 25.8% tax on Loss (2021/2020: 25%)	​	​	(8,168)	​	​	(10,549)	​	​	(3,971)
​	​	​	​	​	​	​	​	​	​
Tax effect of:	​	​	​	​	​	​	​	​	​
Non-deductible costs	​	​	1,080	​	​	982	​	​	124
Unrecognized deferred tax for losses and temporary differences	​	​	7,192	​	​	9,435	​	​	3,939
Difference in overseas tax rates	​	​	72	​	​	46	​	​	30
Change in deferred tax asset	​	​	72	​	​	244	​	​	(18)
Previously unrecognized tax losses now recouped to reduce current tax expense	​	​	—	​	​	—	​	​	(61)
Total corporate tax	​	$	249	​	$	157	​	$	43
​	​	​	​	​	​	​	​	​	​
Effective tax rate	​	​	(0.8)%	​	​	(0.4)%	​	​	(0.3)%
​	​	​	​	​	​	​	​	​	​
​		For the Year Ended December 31,
(in thousands)		2022			2021			2020
Current tax on result	​	$	249	​	$	139	​	$	61
Deferred tax prior years	​	​	—	​	​	18	​	​	—
Deferred tax current year	​	​	(7,264)	​	​	(9,679)	​	​	(3,921)
Movement valuation allowance	​	​	7,264	​	​	9,679	​	​	3,903
Total corporate tax expense	​	$	249	​	$	157	​	$	43
​	​	​	​	​	​	​	​	​	​

​

Schedule of unrecognized deferred tax assets

​

​	​	​	​	​	​	​	​	​	​
​		For the Year Ended December 31,
(in thousands)		2022			2021			2020
Deductible temporary differences	​	$	83,933	​	$	59,683	​	$	25,668
Tax losses	​	​	5,900	​	​	5,747	​	​	5,218
Total unrecognized deferred tax assets	​	$	89,833	​	$	65,429	​	$	30,886
​	​	​	​	​	​	​	​	​	​
Total tax effect 25.8% (2021/2020: 25%)	​	$	23,177	​	$	16,357	​	$	7,722

​

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