Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes

The provision for income taxes consists of the following for the years ended December 31, 2021 and 2020 (in thousands):

 

 

 

2021

 

 

2020

 

Current U.S.

 

$

25

 

 

$

46

 

International

 

 

 

 

 

 

Deferred U.S.

 

 

 

 

 

(427

)

International

 

 

 

 

 

 

 

 

$

25

 

 

$

(381

)

Schedule of deferred tax assets and liabilities

Deferred tax assets consist of the following as of December 31, 2021 and 2020 (in thousands):

 

 

 

2021

 

 

2020

 

Net operating loss carryforward

 

$

17,019

 

 

$

17,090

 

General business tax credit

 

 

11,393

 

 

 

10,490

 

Stock options

 

 

5,955

 

 

 

5,924

 

Charitable contribution

 

 

36

 

 

 

82

 

Accrued expenses

 

 

292

 

 

 

276

 

Unearned revenue

 

 

2,393

 

 

 

2,425

 

Allowance for bad AR

 

 

167

 

 

 

1

 

Unrealized gain on foreign exchange translation and others

 

 

133

 

 

 

472

 

Other

 

 

3,188

 

 

 

1,903

 

Total gross deferred tax assets

 

 

40,576

 

 

 

38,663

 

Less valuation allowance

 

 

(40,147

)

 

 

(37,430

)

Net deferred tax assets

 

$

429

 

 

$

1,233

 

 

Deferred tax liabilities consist of the following as of December 31, 2021 and 2020 (in thousands):

 

 

 

2021

 

 

2020

 

Unrealized loss on foreign exchange translation and others

 

$

 

 

$

(347

)

Unrealized gain on available-for-sale securities

 

 

(427

)

 

 

(427

)

Other

 

 

(2

)

 

 

(459

)

Total deferred tax liabilities

 

$

(429

)

 

$

(1,233

)

Schedule of income tax provision computed using the statutory federal tax rate

The income tax provision differs from that computed using the statutory federal tax rate of 21% due to the following factors (in thousands):

 

 

 

2021

 

 

2020

 

Tax benefit at statutory federal rate

 

$

(3,359

)

 

$

187

 

State taxes, net of federal tax benefit

 

 

(275

)

 

 

191

 

Increase (decreases) in valuation allowance

 

 

2,722

 

 

 

(517

)

Permanent items

 

 

1,337

 

 

 

859

 

General business tax credit

 

 

(902

)

 

 

(602

)

Other

 

 

502

 

 

 

(499

)

 

 

$

25

 

 

$

(381

)