Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income/(loss) before income tax, domestic and foreign

The Company’s U.S. and foreign source income/(loss) were:

	Years Ended December 31,
	2024		2023
U.S.	$	(64)	$	(154)
Canada		(14,764)		(3,097)
Other foreign, net		26,077		(3,334)
	$	11,249	$	(6,585)

Schedule of effective income tax rate reconciliation

Reconciliations between the Company’s combined income (loss) taxed at statutory rates and the income tax (benefit)/expense were:

	Years Ended December 31,
	2024		2023
Combined income taxed at statutory rates	$	2,363	$	(1,383)
Increase (decrease) in taxes from:
State Tax		9		5
Stock-based compensation		130		117
Meals and Entertainment		1		1
Imputed interest		71		60
Other adjustments		(366)		(7)
Expiring NOLs		—		137
Inflation adjustment		—		—
Prior year provision to actual adjustments		(313)		580
Change in U.S. tax rate		4		—
Differentials in foreign tax rates		1,464		(484)
Changes in foreign exchange rates		1,860		(77)
Changes in valuation allowances affecting income tax expense or benefit		(5,223)		1,051
Income tax (benefit)/expense	$	—	$	—

Schedule of deferred tax assets and liabilities

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Components of the Company’s deferred tax assets and liabilities were:

	December 31,
	2024		2023
Deferred income tax assets
Excess tax basis over book basis of property, plant and equipment	$	6,924	$	7,225
Operating loss carryforwards		41,440		40,817
Capital loss carryforwards		14,954		14,394
Capital expenditures		366		366
Stock compensation		33		54
VAT recoverable		144		176
Unrealized foreign exchange gain/loss		6		7
Offering costs		104		157
Accrued vacation		24		22
Other		—		—
Total future tax assets		63,995		63,218
Valuation allowance for future tax assets		(57,995)		(63,218)
		6,000		—
Deferred income tax liabilities
Deferred proceeds for tax purposes from royalty transaction		6,000		—
Other investments		—		—
		6,000		—
Total deferred taxes, net	$	—	$	—

Summary of expiring loss carryforwards

The Company’s tax loss carryforwards expire as follows:

	Noncapital Canada		U.S.		Mexico		Barbados		Total
2025		—		—		79		6		85
2026		1,027		—		815		5		1,847
2027		847		—		—		7		854
2028		5,245		—		—		7		5,252
2029		4,022		—		—		2		4,024
2030		5,032		1,359		—		12		6,403
2031		3,806		3,407		71		7		7,291
2032		6,397		2,323		49		—		8,769
2033		6,185		3,098		46		—		9,329
2034		4,420		—		82		—		4,502
2035		3,729		2		—		—		3,731
2036		2,799		2,655		—		—		5,454
2037		1,916		2,482		—		—		4,398
2038		2,666		—		—		—		2,666
2039		3,338		—		—		—		3,338
2040		2,829		—		—		—		2,829
2041		3,195		—		—		—		3,195
2042		734		—		—		—		734
2043		2,905		—		—		—		2,905
2044		2,470		—		—		—		2,470
	$	63,562	$	15,326	$	1,142	$	46	$	80,076