Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
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,
  2020 2019
Domestic $ (12,134) $ (12,063)
Foreign (24,932) (13,406)
Loss before income taxes $ (37,066) $ (25,469)
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,
  2020 2019
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:
2020 2019
Federal income tax rate 21.0  % 21.0  %
Foreign rate differential 1.9  1.9 
State tax, net of federal benefit 1.9  2.6 
US tax on foreign income —  (1.2)
Share-based awards compensation (3.8) (2.5)
Permanent items (2.4) (1.0)
Other (0.4) 0.8 
Rate change - trade tax NOL —  (6.4)
Change in valuation allowance (18.7) (15.2)
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,
  2020 2019
Deferred tax assets:
Net operating loss carryforwards $ 39,175  $ 30,455 
Share-based awards compensation 2,913  2,705 
Accrued expenses 230  328 
Depreciation and other 297  53 
Unrealized foreign currency 771  90 
Lease liability 4,582  4,378 
Total deferred tax assets 47,968  38,009 
Deferred tax liabilities:
Right-of-use asset (4,235) (4,043)
Total deferred tax liabilities (4,235) (4,043)
Less: valuation allowance: (43,733) (33,966)
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, 2020 and 2019 (in thousands):
Unrecognized tax benefits at December 31, 2019 $ 6,032 
Currency translation adjustment 103 
Unrecognized tax benefits at December 31, 2020 $ 6,135