Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Loss before Income Taxes
The Company reported a loss before income taxes consisting of the following (in thousands):
  Years Ended December 31,
  2021 2020
Domestic $ (11,312) $ (12,134)
Foreign (34,426) (24,932)
Loss before income taxes $ (45,738) $ (37,066)
Schedule of Components of (Benefit) Provision for Income Taxes
The components of the provision for income taxes are as follows (in thousands):
  Years Ended December 31,
  2021 2020
Current:
Federal $ —  $ — 
State —  — 
Foreign —  164 
Total current —  164 
Deferred:
Federal —  — 
State —  — 
Foreign —  — 
Total deferred —  — 
Provision for income taxes $ —  $ 164 
Schedule of Reconciliation of Effective Tax Rate
The reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows:
2021 2020
Federal income tax rate 21.0  % 21.0  %
Foreign rate differential 5.6  1.9 
State tax, net of federal benefit 1.2  1.9 
US tax on foreign income —  — 
Share-based awards compensation (3.5) (3.8)
Permanent items (0.2) (2.4)
Provision to return 3.3  — 
Other —  (0.4)
Change in valuation allowance (27.4) (18.7)
Effective income tax rate —  % (0.5) %
Schedule of Components of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities related to net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income taxes purposes were as follows (in thousands):
  Years Ended December 31,
  2021 2020
Deferred tax assets:
Net operating loss carryforwards $ 49,280  $ 39,175 
Share-based awards compensation 2,739  2,913 
Accrued expenses 323  230 
Depreciation and other 384  297 
Unrealized foreign currency 256  771 
Lease liability 4,022  4,582 
Total deferred tax assets 57,004  47,968 
Deferred tax liabilities:
Right-of-use asset (3,729) (4,235)
Accrued expenses (68) — 
Total deferred tax liabilities (3,797) (4,235)
Less: valuation allowance: (53,207) (43,733)
Net deferred tax asset $ —  $ — 
Schedule of Reconciliation of Unrecognized Tax Benefits Excluding Impact of Interest and Penalties
The following table sets forth a reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding the impact of interest and penalties, for the years ended December 31, 2021 (in thousands):
Unrecognized tax benefits at December 31, 2020 $ 6,135 
Currency translation adjustment (470)
Unrecognized tax benefits at December 31, 2021 $ 5,665