Income Taxes

9 Months Ended

Sep. 30, 2024

Income Taxes

Income Taxes

Note 13 – Income Taxes

The Company’s effective tax rate was (1.64%) and (1.34%) for the three and nine months ended September 30, 2024, respectively, as a result of withholding tax expense on revenue earned in a foreign jurisdiction. The Company’s effective tax rate was 0% for the three and nine months ended September 30, 2023, and the Company was in a full valuation allowance for the three and nine months ended September 30, 2024 and 2023.

The Company's quarterly provision for income taxes is calculated by applying a projected annual effective tax rate, calculated separately for the United States and Republic of Korea, to ordinary pre-tax book income.