Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of loss before income taxes were:

For the Years Ended
December 31,
2023
December 31,
2022
United States $ (26,676) $ (21,563)
Foreign (30,866) (6,469)
Total (57,542) (28,032)
Schedule of Components of Income Tax Expense (Benefit)
The benefit for income taxes is comprised of the following components:
For the Years Ended
Current:
December 31,
2023
December 31,
2022
Federal
$ —  $ — 
State
—  — 
Total current
—  — 
Deferred:
Federal
—  (84)
State
—  (60)
Foreign (1,466) (628)
Total deferred (1,466) (772)
Total income tax benefit
$ (1,466) $ (772)
Schedule of Effective Income Tax Rate Reconciliation
The income taxes benefit differs from the amount computed by applying the statutory federal income tax rate to loss before income taxes. The sources and tax effects of the differences are as follows:
For the Years Ended
December 31,
2023
December 31,
2022
Tax at federal statutory rate 21.00  % 21.00  %
State and local tax 1.88  8.43 
Foreign rate differential(1)
2.16  0.93 
Warrant liability 0.78  18.17 
Executive compensation (2.74) — 
Earn-out (3.68) (4.72)
Prior year adjustments —  (0.64)
Change in deferred tax rate (7.59) — 
Change in valuation allowance(1) (9.55) (37.58)
Other 0.29  (0.57)
Transaction costs —  (2.27)
Effective tax rate 2.55  % 2.75  %
(1) Prior period percentage have been updated to conform to current period presentation
Schedule of Deferred Tax Assets and Liabilities
The Company’s deferred tax assets/(liabilities) consist of the following:

As of December 31,
2023 2022
Deferred tax assets:
Net operating loss carryforwards $ 25,351  $ 22,522 
Stock-based compensation 2,523  2,225 
Research and development credits 708  424 
Capitalized Research Expenses 2,110  1,244 
Operating lease liability 6,416  4,690 
Accrued expenses 1,055  657 
Other 766  691 
Total deferred tax assets 38,929  32,453 
Deferred tax liabilities:
Property and equipment —  (155)
481(a) Adjustment —  (97)
Operating right-of-use asset (6,145) (4,492)
Amortization of intangibles (2,073) (3,917)
Total deferred tax liabilities (8,218) (8,661)
Total net deferred tax assets, before valuation allowance
30,711  23,792 
Less: Valuation allowance (31,162) (25,668)
Deferred tax liabilities, net of valuation allowance $ (451) $ (1,876)