XML 49 R34.htm IDEA: XBRL DOCUMENT v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense Benefit

The following table presents the income (loss) before income taxes for domestic and foreign operations, and the components of the provision (benefit) for income taxes for the years ended December 31:

 

   2024   2023 
Domestic loss  $(34,058)  $(425)
Foreign subsidiaries income   636    709 
Income (loss) before income taxes  $(33,422)  $284 

 

 

 

   2024   2023 
Current income tax expense:          
Federal  $1   $2 
State   12    56 
Foreign   223    250 
Total Current   236    308 
           
Deferred income tax expense (benefit):          
Federal   —    — 
State   —    — 
Foreign   (10)   66 
Total Deferred   (10)   66 
Total provision for income taxes  $226   $374 
Schedule of Effective Income Tax

The Company’s effective tax rate differs from the federal statutory rate due to the following for the years ended December 31:

 

   2024   2023 
Statutory federal income tax rate   21.00%   21.00%
State income taxes, net of federal tax benefits   0.41%   23.20%
Stock compensation   -0.66%   84.92%
Foreign rate differential   -0.26%   58.55%
GILTI Inclusion   -0.37%   26.15%
Non-deductible expenses   -0.06%   1.02%
Valuation allowance   -20.74%   -83.07%
Effective tax rate   -0.68%   131.77%
Schedule of Components of the Company’s Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the significant components of the Company’s deferred tax assets and liabilities at December 31:

 

   2024   2023 
Gross deferred tax assets:          
Net operating loss carryforward  $25,379   $18,887 
Section 174 capitalized costs   3,443    1,873 
Tax credits   102    100 
Accruals and reserves   2,928    1,927 
Property and equipment   —   21 
ASC 842 operating lease liability   —    12 
Alternative minimum tax credits   21    21 
Total gross deferred tax assets   31,873    22,841 
Less: valuation allowance   (30,271)   (22,774)
Total deferred tax assets net of valuation allowance   1,602    67 
Deferred tax liabilities:          
Accruals and reserves   (1,440)   — 
Property and equipment   (97)   — 
ASC 842 right of use asset   —    (12)
Net deferred tax assets  $65   $55 
Schedule of Cumulative Foreign Earnings

Estimate of cumulative foreign earnings is as follows as of December 31:

 

   2024   2023 
China  $6,694   $5,471 
India   5,309    5,102 
Total  $12,003   $10,573 
Summary of Operating Loss Carryforwards

The Company had net operating loss carryovers as follows as of December 31:

 

   2024   2023 
Federal NOL  $118,497   $88,066 
Domestic Tax Authority  $112,247   $88,066 
State NOL  $7,875   $7,086 
State and Local Jurisdiction  $7,875   $7,086 
Summary of Tax Credit Carryforwards

The Company had research and development (“R&D”) credit carryforwards as follows as of December 31:

 

   2024   2023 
Federal R&D credits  $—   $— 
Internal Revenue Service (IRS)  $—   $— 
California R&D credits  $129   $127 
California Franchise Tax Board  $129   $127 
Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to unrecognized tax benefits as follows as of December 31:

 

   2024   2023 
Unrecognized benefit-beginning of period  $1,274   $1,273 
Gross increases-prior period tax positions   153    1 
Gross (decreases)-current period tax positions   46    — 
Unrecognized benefit-end of period  $1,473   $1,274