Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 (in thousands):

 

 

 

2024

 

 

2023

 

Current

 

 

 

 

 

 

U.S.

 

$

7

 

 

$

(94

)

International

 

 

22

 

 

 

35

 

Deferred

 

 

 

 

 

 

U.S.

 

 

 

 

 

 

International

 

 

 

 

 

 

 

$

29

 

 

$

(59

)

 

Schedule of deferred tax assets and liabilities

Deferred tax assets consisted of the following as of December 31, 2024 and 2023 (in thousands):

 

 

2024

 

 

2023

 

Net operating loss carryforward

 

$

19,478

 

 

$

17,564

 

General business tax credit

 

 

12,154

 

 

 

12,085

 

Stock options

 

 

1,122

 

 

 

6,792

 

Charitable contribution

 

 

7

 

 

 

 

Accrued expenses

 

 

237

 

 

 

310

 

Unearned revenue

 

 

2,605

 

 

 

2,603

 

Allowance for bad debt

 

 

253

 

 

 

545

 

Unrealized gain on foreign exchange translation and others

 

 

1,314

 

 

 

1,295

 

Section 174 Expenditures

 

 

322

 

 

 

420

 

Unrealized gain on long term investment

 

 

 

 

 

30

 

Other

 

 

1,772

 

 

 

1,678

 

Total gross deferred tax assets

 

 

39,264

 

 

 

43,322

 

Less valuation allowance

 

 

(38,838

)

 

 

(42,895

)

Net deferred tax assets

 

$

426

 

 

$

427

 

 

Deferred tax liabilities consisted of the following as of December 31, 2024 and 2023 (in thousands):

 

 

 

2024

 

 

2023

 

Unrealized loss on available-for-sale securities

 

$

(427

)

 

$

(427

)

Other

 

 

1

 

 

 

 

Total deferred tax liabilities

 

$

(426

)

 

$

(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):

 

 

 

2024

 

 

2023

 

Tax benefit at statutory federal rate

 

$

(1,351

)

 

$

(851

)

State taxes, net of federal tax benefit

 

 

(317

)

 

 

(173

)

Increase in valuation allowance

 

 

(4,058

)

 

 

(1,224

)

Permanent items

 

 

(10

)

 

 

73

 

General business tax credit

 

 

(68

)

 

 

(285

)

Other comprehensive income, tax benefit

 

 

 

 

 

(100

)

Stock options deferred true-up

 

 

5,674

 

 

 

 

Other

 

 

159

 

 

 

2,501

 

 

$

29

 

 

$

(59

)