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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Summary of Components of Loss from Operations Before Income Tax Expense

The components of loss from operations before income tax expense are as follows:

 

 

 

Year ended December 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

United States

 

$

(3,832

)

 

$

(1,363

)

Netherlands

 

 

(81,178

)

 

 

(53,594

)

Total loss before income taxes

 

$

(85,010

)

 

$

(54,957

)

Summary of Components of Expense for (Benefit) from Income Taxes

 

The components of income tax expense (benefit) from continuing operations are as follows:

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

U.S. federal

 

$

391

 

 

$

243

 

U.S. state

 

 

234

 

 

 

40

 

Total current tax expense

 

$

625

 

 

$

283

 

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

(86

)

 

$

(63

)

U.S. state

 

 

(36

)

 

 

(26

)

Total deferred tax benefit

 

$

(122

)

 

$

(89

)

 

 

 

 

 

 

 

 

 

Total income tax expense

 

$

503

 

 

$

194

 

Reconciliation of Netherlands Statutory Income Tax Rate and Effective Income Tax Rate

 

The parent company is subject to income tax in the Netherlands where a greater proportion of economic activity is attributed. A reconciliation of the Netherlands statutory income tax rate to the Company’s effective income tax rate is as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Netherlands statutory income tax rate

 

 

25.0

%

 

 

25.0

%

Changes in tax rates

 

 

10.6

 

 

 

1.5

 

Non-deductible expenses

 

 

(2.4

)

 

 

(3.7

)

Change in valuation allowance

 

 

(33.5

)

 

 

(23.3

)

Other

 

 

(0.3

)

 

 

0.1

 

Effective income tax rate

 

 

(0.6

)%

 

 

(0.4

)%

Summary of Components of Deferred Tax Assets (Liabilities)

The components of the Company’s deferred tax assets (liabilities) consist of the following:

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

66,572

 

 

$

33,917

 

Deferred revenue

 

 

24,966

 

 

 

23,926

 

Excess interest carryforward

 

 

2,080

 

 

 

 

Lease obligation

 

 

1,058

 

 

 

1,333

 

Accrued expenses and other

 

 

494

 

 

 

319

 

Total deferred tax assets

 

 

95,170

 

 

 

59,495

 

Deferred tax asset valuation allowance

 

 

(93,645

)

 

 

(57,876

)

Total deferred tax assets, net of valuation allowance

 

 

1,525

 

 

 

1,619

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

$

1,048

 

 

$

1,331

 

Other

 

 

67

 

 

 

 

Total deferred tax liabilities

 

 

1,115

 

 

 

1,331

 

 

 

 

 

 

 

 

 

 

Net deferred tax asset

 

$

410

 

 

$

288

 

 

Summary of Net Operating Loss Carryforwards for Dutch Income Tax Purposes The Company had net operating loss carryforwards for Dutch income tax purposes, the amount and expiry are as follows (in thousands):

Expiry Year

 

Netherlands Tax

Loss Carryforward

 

2024

 

$

23,129

 

2025

 

 

110,165

 

2026

 

 

95,568

 

2027

 

 

37,426

 

Total

 

$

266,288