Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023 and 2022 (in thousands):

 

 

 

2023

 

 

2022

 

Current

 

 

 

 

 

 

U.S.

 

$

(94

)

 

$

30

 

International

 

 

35

 

 

 

30

 

Deferred

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

International

 

 

 

 

 

 

 

$

(59

)

 

$

60

 

Schedule of deferred tax assets and liabilities

Deferred tax assets consisted of the following as of December 31, 2023 and 2022 (in thousands):

 

 

2023

 

 

2022

 

Net operating loss carryforward

 

$

17,564

 

 

$

17,978

 

General business tax credit

 

 

12,085

 

 

 

11,837

 

Stock options

 

 

6,792

 

 

 

6,149

 

Charitable contribution

 

 

 

 

 

37

 

Accrued expenses

 

 

310

 

 

 

380

 

Unearned revenue

 

 

2,603

 

 

 

2,472

 

Allowance for bad debt

 

 

545

 

 

 

442

 

Unrealized gain on foreign exchange translation and others

 

 

1,295

 

 

 

789

 

Section 174 Expenditures

 

 

420

 

 

 

292

 

Unrealized gain on long term investment

 

 

30

 

 

 

33

 

Other

 

 

1,678

 

 

 

4,130

 

Total gross deferred tax assets

 

 

43,322

 

 

 

44,539

 

Less valuation allowance

 

 

(42,895

)

 

 

(44,112

)

Net deferred tax assets

 

$

427

 

 

$

427

 

 

Deferred tax liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands):

 

 

 

2023

 

 

2022

 

Unrealized loss on available-for-sale securities

 

$

(427

)

 

$

(426

)

Other

 

 

 

 

 

(1

)

Total deferred tax liabilities

 

$

(427

)

 

$

(427

)

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):

 

 

 

2023

 

 

2022

 

Tax benefit at statutory federal rate

 

$

(851

)

 

$

(2,242

)

State taxes, net of federal tax benefit

 

 

(173

)

 

 

(453

)

Increase in valuation allowance

 

 

(1,224

)

 

 

3,964

 

Permanent items

 

 

73

 

 

 

(384

)

General business tax credit

 

 

(285

)

 

 

(450

)

Other comprehensive income, tax benefit

 

 

(100

)

 

 

 

Other

 

 

2,501

 

 

 

(375

)

 

$

(59

)

 

$

60