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INCOME TAX (EXPENSE)/CREDIT
 12 Months Ended
Dec. 31, 2024
Disclosure of income tax credit [Abstract]  
INCOME TAX (EXPENSE)/CREDIT
7.
INCOME TAX (EXPENSE)/CREDIT
 
 
  
December 31, 2024
US$‘000
    
December 31, 2023
US$‘000
    
December 31, 2022
US$‘000
  
Current tax expense/(credit)
                  
Irish Corporation tax
    
21
      
-
      
(336
)
Foreign taxes (a)
    
254
      
462
      
(5
)
Adjustment in respect of prior years
    
10
      
(198
)
    
61
  
 
                        
Total current tax expense/(credit)
    
285
      
264
      
(280
)
 
                        
Deferred tax credit (b)
                        
Origination and reversal of temporary differences (see Note 14)
    
(41
)
    
(547
)
    
324
  
Origination and reversal of net operating losses (see Note 14)
    
242
      
224
      
(238
)
 
                        
Total deferred tax charge/(credit)
    
201
 
    
(323
)
    
86
  
 
                        
Total income tax charge/(credit) on continuing operations in statement of operations
    
486
 
    
(59
)
    
(194
)
 
                        
Tax charge on discontinued operations (see Note 8)
    
-
      
-
      
2
  
 
                        
Total tax charge/(credit)
    
486
 
    
(59
)
    
(192
)
 
(a)
In 2024, the foreign taxes relate primarily to Luxembourg and Canada.
 
(b)
In 2024, there was a deferred tax credit of US$43,000 (2023: charge of US$174,000) (2022: charge of US$109,000) recognised in respect of Ireland and a deferred tax charge of US$244,000 (2023: credit of US$497,000) (2022: credit of US$26,000) recognised in respect of overseas tax jurisdictions.
 
Effective tax rate
  
December 31, 2024
    
December 31, 2023
    
December 31, 2022
  
Loss before taxation – continuing operations (US$‘000)
    
(30,730
)
    
(36,927
)
    
(43,780
)
As a percentage of loss before tax:
                        
Current tax %
    
(0.93
)%
    
(0.72
)%
    
(0.64
)%
Total (current and deferred) %
    
(1.58
)%
    
(0.16
)%
    
(0.44
)%
 
The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective total tax rate for the Group:
 
 
  
December 31, 2024
    
December 31, 2023
    
December 31, 2022
  
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)
    
15.89
%
    
17.19
%
    
10.97
%
Effect of tax rates on overseas earnings
    
6.63
%
    
(7.82
)%
    
(7.30
)%
Effect of Irish income taxable at higher tax rate
    
(4.09
)%
    
2.62
%
    
3.93
%
Adjustments in respect of prior years
    
0.04
%
    
(0.53
)%
    
0.14
%
R&D tax credits
    
-
      
-
      
(0.75
)%
Other items (b)
    
(7.55
)%
    
0.88
%
    
5.07
%
 
                        
Effective tax rate
    
(1.58
)%
    
(0.16
)%
    
(0.44
)%
 
(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. In 2022, other items mainly related to the loss on disposal of the exchangeable notes which was non-recurring.
 
The distribution of loss before taxes by geographical area was as follows:
 
 
  
December 31, 2024
US$‘000
    
December 31, 2023
US$‘000
    
December 31, 2022
US$‘000
  
Rest of World – Ireland
    
(17,296
)
    
(12,922
)
    
(22,354
)
Rest of World – Other
    
(315
)
    
(104
)
    
(33
)
Americas
    
(13,119
)
    
(23,901
)
    
(21,393
)
 
                        
 
    
(30,730
)
    
(36,927
)
    
(43,780
)
 
At December 31, 2024, the Group had unutilised net operating losses for continuing operations as follows:
 
 
  
December 31, 2024
US$‘000
    
December 31, 2023
US$‘000
    
December 31, 2022
US$‘000
  
Rest of World – Ireland
    
107,093
      
69,851
      
62,731
  
Rest of World – Other
    
52,852
      
52,511
      
448
  
Americas
    
22,866
      
13,840
      
12,778
  
 
                        
 
    
182,811
      
136,202
      
75,957
  
 
At December 31, 2024, the Group had unrecognised deferred tax assets in respect of unused tax losses and unused tax credits as follows:
 
 
  
December 31, 2024
US$‘000
    
December 31, 2023
US$‘000
    
December 31, 2022
US$‘000
  
Rest of World – Ireland – unused tax losses
    
13,275
      
8,464
      
7,489
  
Rest of World – Other – unused tax losses
    
14,777
      
14,701
      
124
  
Americas – unused tax losses
    
2,149
      
3,395
      
3,163
  
Americas – unused tax credits
    
5,702
 
    
5,806
      
4,658
  
 
                        
Unrecognised deferred tax asset
    
35,903
      
32,366
      
15,434
  
 
The accounting policy for deferred tax is to calculate the deferred tax asset that is deemed recoverable, considering all sources for future taxable profits. The deferred tax assets in the above table have not been recognised due to uncertainty regarding the full utilization of these losses in the related tax jurisdiction in future periods. Only when it is probable that future profits will be available to utilize the forward losses or temporary differences is a deferred tax asset recognised. When there is a reversing deferred tax liability in that jurisdiction that reverses in the same period, the deferred tax asset is restricted so that it equals the reversing deferred tax liability.