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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign

The components of loss before the provision / (benefit) for income taxes is as follows;

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Domestic operations

 

$

(187,763

)

 

$

(281,895

)

 

$

(253,462

)

Foreign operations

 

 

1,319

 

 

 

1,165

 

 

 

3,301

 

Loss before income taxes

 

$

(186,444

)

 

$

(280,730

)

 

$

(250,161

)

Schedule of Components of Income Tax Expense (Benefit)

Current and deferred income taxes / (benefits) on loss from continuing operations are as follows;

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

Current

 

 

 

 

 

 

Federal

 

$

(74

)

 

$

(17

)

State and local

 

 

95

 

 

 

69

 

Foreign

 

 

994

 

 

 

1,170

 

Total current income taxes

 

$

1,015

 

 

$

1,222

 

Deferred:

 

 

 

 

 

 

Federal

 

$

—

 

 

$

(2,114

)

State and local

 

 

—

 

 

 

(736

)

Foreign

 

 

22

 

 

 

137

 

Total deferred income benefits

 

 

22

 

 

 

(2,713

)

Income tax provision/(benefit)

 

$

1,037

 

 

$

(1,491

)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets/(liabilities) are as follows:

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

Deferred tax assets:

 

 

 

 

 

 

Accounts receivable reserve

 

$

832

 

 

$

403

 

Accrued payroll

 

 

6,088

 

 

 

6,802

 

Net operating loss carry forward

 

 

33,931

 

 

 

32,171

 

Stock-based compensation

 

 

45,696

 

 

 

48,010

 

Interest limitation carry forward

 

 

6,148

 

 

 

3,154

 

Tax credit

 

 

5,236

 

 

 

—

 

Intangible assets

 

 

15,391

 

 

 

11,329

 

Capital losses

 

 

—

 

 

 

1,187

 

Research and development costs

 

 

28,350

 

 

 

19,951

 

Accrued expenses and other

 

 

2,788

 

 

 

3,575

 

 

 

144,460

 

 

 

126,582

 

Less: Valuation allowance

 

 

(129,661

)

 

 

(112,330

)

Deferred tax assets

 

$

14,799

 

 

$

14,252

 

Deferred tax liabilities:

 

 

 

 

 

 

Fixed assets

 

 

(4,921

)

 

 

(7,135

)

Right-to-use asset

 

 

(1,838

)

 

 

—

 

Deferred state income tax and other

 

 

(7,312

)

 

 

(6,372

)

Deferred tax liabilities:

 

 

(14,071

)

 

 

(13,507

)

Net deferred tax assets

 

$

728

 

 

$

745

 

Summary of Valuation Allowance

The following table reconciles the changes in the valuation allowance for the years ended December 31, 2023 and 2022:

Balance as of January 1, 2022

 

$

(86,210

)

Increase due to current year pre-tax loss

 

 

(26,111

)

Others

 

 

(9

)

Balance as of December 31, 2022

 

 

(112,330

)

Increase due to current year pre-tax loss

 

 

(17,274

)

Others

 

 

(57

)

Balance as of December 31, 2023

 

$

(129,661

)

Schedule of Effective Income Tax Rate Reconciliation

The difference between the federal statutory rate of 21% and the Company’s effective tax rate is summarized as follows:

 

 

December 31, 2023

 

 

December 31, 2022

 

U.S. federal statutory rate

 

 

21.0

%

 

 

21.0

%

State income taxes

 

 

2.8

%

 

 

4.4

%

Other permanent differences

 

 

(0.4

)%

 

 

(0.5

)%

Global intangible low-taxed income (GILTI)

 

 

—

%

 

 

(1.2

)%

Non-deductible stock-based compensation

 

 

(2.6

)%

 

 

(2.0

)%

Non-deductible officer’s compensation

 

 

(12.8

)%

 

 

(11.9

)%

Research and development credit

 

 

2.0

%

 

 

—

%

Change in valuation allowance

 

 

(9.3

)%

 

 

(9.3

)%

State change in tax rate

 

 

(0.6

)%

 

 

0.2

%

Other

 

 

(0.6

)%

 

 

(0.2

)%

Effective tax rate

 

 

(0.5

)%

 

 

0.5

%

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows:

Balance as of January 1, 2022

 

$

223

 

Increase in tax positions for current / prior periods

 

 

(223

)

Balance as of December 31, 2022

 

 

—

 

Increase in tax positions for current / prior periods

 

 

—

 

Balance as of December 31, 2023

 

$

—

 

Income Tax Years Subject To Examination

Jurisdiction

 

Tax Year

U.S

 

2020

Czech Republic

 

2020

India

 

2021