Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income by Jurisdiction

The following table sets forth the components of loss from operations before income taxes ($ in thousands):

	Year ended December 31,
	2023		2022
AAMC	$	(31,973)	$	(15,584)

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes from operations is summarized as follows ($ in thousands):

	Year ended December 31,
	2023		2022
Current
Federal	$	437	$	195
State	—		4
International	73		55
Total current tax expense	510		254
Deferred
Federal	54		94
State	9		2
Total deferred tax expense	63		96
Total tax expense	$	573	$	350

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the components of our total deferred tax assets ($ in thousands):

	December 31, 2023		December 31, 2022
Deferred tax assets:
Stock compensation	$	6	$	2
Accrued expenses	53		84
Net operating losses (1)	4,506		1,109
Lease liabilities	10		54
Other	4		76
Total gross deferred tax assets	4,579		1,325
Less: Valuation allowance	(4,313)		(1,266)
Total net deferred tax assets	266		59
Deferred tax liabilities:
Right-of-use assets	9		53
Investments	—		6
Unrealized gains	320		—
Total gross deferred tax liabilities	329		59
Deferred tax assets, net	$	(63)	$	—

_____________

(1)Net operating loss (“NOL”) carry-forwards for tax years prior to 2018 expire in 2037. Beginning with 2018, NOLs are carried forward indefinitely.

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth the reconciliation of the statutory USVI income tax rate from operations to our effective income tax rate:

	Year ended December 31,
	2023		2022
U.S. Virgin Islands income tax rate	23.1	%	23.1	%
State and local income tax rates	—		—
EDC benefits in the USVI	(14.2)		(19.5)
Foreign tax rate differential	(0.6)		(0.2)
Permanent and other	(0.2)		(0.5)
Valuation allowance	(9.5)		(4.9)
Other adjustments	(0.4)		(0.3)
Effective income tax rate	(1.8)	%	(2.3)	%

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023 and 2022 ($ in thousands):

	December 31, 2023	December 31, 2022
Unrecognized tax benefits at the beginning of the year	—	—
Current period tax position increases	—	—
Prior period tax position increases	437	—
Decreases due to lapse in applicable statute of limitations	—	—
Unrecognized tax benefits at the end of the year	437	—