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INCOME TAX CREDIT (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of income tax credit [Abstract]  
Schedule of Charge for Tax
 
  
December 31,
2022
US$‘000
    
December 31,
2021
US$‘000
    
December 31,
2020
US$‘000
  
Current tax (credit)/expense
                  
Irish Corporation tax
    
(331
)
    
(511
)
    
(480
)
Foreign taxes (a)
    
(5
 )    
296
      
179
  
Adjustment in respect of prior years
    
61
      
-
      
(152
)
 
                        
Total current tax credit
    
(275
)
    
(215
)
    
(453
)
 
                        
Deferred tax credit (b)
                        
Origination and reversal of temporary differences (see Note 13)
    
321
      
620
      
48
  
Origination and reversal of net operating losses (see Note 13)
    
(238
)
    
(583
)
    
(215
)
 
                        
Total deferred tax charge/(credit)
    
83
      
37
      
(167
)
 
                        
Total income tax credit on continuing operations in statement of operations
    
(192
)
    
(178
)
    
(620
)
 
                        
Tax charge on discontinued operations (see Note 8)
    
-
      
12
      
438
  
 
                        
Total tax credit
    
(192
)
    
(166
)
    
(182
)
 
(a)
In 2022, the foreign taxes relate primarily to USA and Canada.
(b)
 
In 2022, there was a deferred tax charge of US$109,000 (2021: charge of US$118,000) (2020: credit of US$444,000) recognised in respect of Ireland and a deferred tax credit of US$26,000 (2021: credit of US$81,000) (2020: credit of US$397,000) recognised in respect of overseas tax jurisdictions.
Schedule of Overseas Tax Jurisdictions
Effective tax rate
  
December 31,
2022
    
December 31,
2021
    
December 31,
2020
  
(Loss)/profit before taxation – continuing operations (US$‘000)
    
(41,194
)
    
751
      
(6,633
)
As a percentage of (loss)/profit before tax:
                        
Current tax %
    
(0.67
)%
    
(28.63
)%
    
(6.83
)%
Total (current and deferred) %
    
(0.47
)%
    
(23.70
)%
    
(9.35
)%
Schedule of Statutory Tax Rate
 
 
  
December 31,
2022
    
December 31,
2021
    
December 31,
2020
  
Irish corporation tax
    
(12.5
)%
    
12.5
%
    
(12.5
)%
Effect of current year net operating losses and temporary differences for which no deferred tax asset was recognised (a)
    
11.66
%
    
49.63
%
    
24.13
%
Effect of tax rates on overseas earnings
    
(7.76
)%
    
(0.22
)%
    
(9.92
)%
Effect of Irish income taxable at higher tax rate
    
4.17
%
    
98.68
%
    
5.92
%
Adjustments in respect of prior years
    
0.15
%
    
(0.01
)%
    
(10.66
)%
R&D tax credits
    
(0.81
)%
    
(79.22
)%
    
(11.00
)%
Other items (b)
    
4.62
%
    
(105.06
)%
    
4.68
%
 
                        
Effective tax rate
    
(0.47
)%
    
(23.70
)%
    
(9.35
)%

 

(a)
No deferred tax asset was recognised because there was no reversing deferred tax liability in the same jurisdiction reversing in the same period and insufficient future projected taxable income in the same jurisdiction.
 
(b)
 

Other items comprise items not chargeable to tax and expenses not deductible for tax purposes. This was a significant number in 2021 because the US$4.7 million income from the Paycheck Protection Program loans was not chargeable for tax purposes. There is no Paycheck Protection Program income in 2022. In 2022, other items mainly relate to the loss on disposal of the exchangeable notes.
Schedule of Unrecognised Deferred Tax Assets
 
  
December 31,
2022
US$‘000
    
December 31,
2021
US$‘000
    
December 31,
2020
US$‘000
  
Rest of World – Ireland
    
(19,768
)
    
1,862
      
296
  
Rest of World – Other
    
(33
)
    
3,939
      
3,304
  
Americas
    
(21,393
)
    
(5,050
)
    
(10,233
)
 
                        
 
    
(41,194
)
    
751
      
(6,633
)
Schedule of (Loss)/Profit Before Taxes
 
  
December 31,
2022
US$‘000
    
December 31,
2021
US$‘000
    
December 31,
2020
US$‘000
  
Rest of World – Ireland
    
62,731
      
68,132
      
78,700
  
Rest of World – Other
    
448
      
1,000
      
2,185
  
Americas
    
12,778
      
4,761
      
4,313
  
 
                        
 
    
75,957
      
73,893
      
85,198
  
Schedule of Unutilised Net Operating Losses
 
  
December 31,
2022
US$‘000
    
December 31,
2021
US$‘000
    
December 31,
2020
US$‘000
  
Rest of World – Ireland – unused tax losses
    
7,489
      
9,272
      
12,514
  
Rest of World – Other – unused tax losses
    
124
      
279
      
546
  
Americas – unused tax losses
    
3,163
      
5,891
      
1,466
  
Americas – unused tax credits
    
4,658
      
3,368
      
2,862
  
 
            
 
      
 
  
Unrecognised deferred tax asset
    
15,434
      
18,810
      
17,388