Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Income Taxes
The components of loss before income taxes are as follows (in thousands):
December 31,
2021 2020 2019
Domestic
$ (25,163) $ (29,166) $ (19,548)
International
(21,721) (12,063) (19,345)
Total loss before income taxes
$ (46,884) $ (41,229) $ (38,893)
Schedule of Components of Income Tax Provision (Benefit)
The provision for (benefit from) income taxes consisted of the following (in thousands):
December 31,
2021 2020 2019
Current:
Federal $ —  $ —  $ — 
State 56  27  26 
Foreign 828  538  (2,011)
Total 884  565  (1,985)
Deferred:
Federal —  —  — 
State —  —  — 
Foreign —  —  — 
Total —  —  — 
Provision for (benefit from) income taxes
$ 884  $ 565  $ (1,985)
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate (in thousands):
December 31,
2021 2020 2019
Pre-tax loss $ (46,884) $ (41,229) $ (38,893)
Federal tax at statutory rate (9,846) (8,658) (8,168)
Stock-based compensation (3,102) 24  172 
Revaluation of preferred warrants and option 2,110  1,542  — 
Foreign rate difference (5,382) (670) 1,110 
Change in valuation allowance 18,389  8,936  5,085 
State taxes (1,343) (785) (414)
Other 58  176  230 
Tax expense (benefit) $ 884  $ 565  $ (1,985)
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s net deferred tax assets and liabilities were as follows (in thousands):
December 31,
2021 2020
Deferred tax assets:
Stock-based compensation $ 2,756  $ 1,380 
Accruals and reserves 3,693  2,746 
Deferred revenue 228  447 
Net operating loss carryforwards – domestic 30,221  20,508 
Net operating loss carryforwards – foreign 28,245  20,733 
Property and equipment 307  291 
Operating lease liabilities 2,529  — 
Tax basis intangible assets 3,202  2,921 
71,181  49,026 
Valuation allowance (65,404) (47,015)
Deferred tax assets, net of valuation allowance 5,777  2,011 
Deferred tax liabilities:
Operating lease right-of-use assets (2,489) — 
Deferred costs (3,074) (1,771)
Other (214) (240)
(5,777) (2,011)
Net deferred tax assets/(liabilities) $ —  $ — 
Schedule of Unrecognized Tax Benefits A reconciliation of beginning and ending amount of unrecognized tax benefit was as follows (in thousands):
December 31,
2021 2020 2019
Gross amount of unrecognized tax benefits as of the beginning of the year $ 2,811  $ 2,184  $ 1,794 
Additions based on tax positions related to a prior year 853  —  61 
Additions based on tax positions related to the current year 2,154  627  329 
Reductions based on tax positions related to a prior year (32) —  — 
Gross amount of unrecognized tax benefits as of the end of the year $ 5,786  $ 2,811  $ 2,184