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 INCOME TAX PROVISION (BENEFIT)

The income tax provision (benefit) for the years ended December 31, 2024, 2023, and 2022 consisted of the following:

 

    For the Years Ended
 
    December 31,  
    2024     2023     2022  
Federal:                        
Current   $ -     $ -     $ -  
Deferred     (9,133 )     (7,129 )     (22,605 )
                         
State:                        
Current     177       -       -  
Deferred     (2,564 )     426       (1,430 )
                         
Foreign:                        
Current     538       1,493       317  
Deferred     (3,513 )     (7,995 )     (4,120 )
      (14,495 )     (13,205 )     (27,837 )
Change in valuation allowance     15,209       14,699       28,145  
Provision for income taxes   $ 714     $ 1,494     $ 308  

SUMMARY OF RECONCILIATION OF STATUTORY FEDERAL INCOME TAX RATE AND EFFECTIVE INCOME TAX RATE

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:

 

    2024     2023     2022  
    For the Years Ended  
    December 31,  
    2024     2023     2022  
Tax benefit at federal statutory rate     (21.0

)%

     (21.0 )%     (21.0 )%
State income taxes, net of federal benefit     (1.2 )%     0.2 %     (1.3 )%
Permanent differences:                        
Stock compensation     0.2 %     1.5 %     0.6 %
Impairment of intangibles and goodwill     13.5 %     9.8 %     0.0 %
Section 162(m)     0.0 %     1.9 %     1.7 %
Other permanent differences     0.0 %     0.2 %     0.7 %
Tax credits     0.0 %     0.0 %     0.0 %
Income from non-includable foreign entities     2.0 %     1.8 %     4.3 %
Deferred adjustments and true-up     0.6 %    

2.3

 %     (11.2 )%
Change in valuation allowance     7.7 %     7.3 %     30.8 %
Foreign tax     (1.5 )%     (3.2 )%     (4.2 )%
Effective income tax rate     0.4 %     0.7 %     0.3 %

SCHEDULE OF DISAGGREGATION OF DOMESTIC AND FOREIGN PRE-TAX LOSS

The disaggregation of the Company’s domestic and foreign pre-tax loss for the years ended December 31, 2024, 2023, and 2022, is as follows:

 

    2024     2023     2022  
    For the Year Ended
December 31,		  
    2024     2023     2022  
U.S.   $ (178,810 )   $ (151,883 )   $ (76,528 )
Foreign     (18,608 )     (50,316 )     (14,724 )
Total   $ (197,418 )   $ (202,199 )   $ (91,252 )

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are presented below:

 

    2024     2023  
    December 31  
    2024     2023  
Deferred Tax Assets:                
Net operating loss carryforwards-federal   $ 71,205     $ 64,075  
Net operating loss carryforwards-states     12,160       9,837  
Net operating loss carryforwards-UK     6,560       4,759  
Net operating loss carryforwards-Belgium     10,523       8,454  
Tax credits     686       656  
Stock-based compensation     560       1,542  
Accruals     958       513  
Deferred revenue     1,763       2,052  
Allowance for doubtful accounts     1,536       1,180  
Goodwill     682       714  
Capitalized Sec.174 R&D     2,148       1,154  
Lease liability     1,945       1,781  
Other     1,956       497  
Deferred tax assets, gross     112,682       97,214  
Deferred Tax Liabilities:                
Intangible assets     (2,197 )     (3,743 )
Fixed assets     (3,453 )     (2,226 )
Unrealized gain/loss     (175 )     (80 )
Lease Asset     (1,685 )     (1,644 )
Other     (257 )     (81 )
Deferred tax liabilities, gross     (7,767 )     (7,774 )
                 
Net deferred tax assets     104,915       89,440  
Valuation allowance     (104,889 )     (89,414 )
Deferred tax assets, net of valuation allowance     26       26  
                 
Change in valuation allowance   $ 15,475     $ 21,024