No. It does not matter where the company is based. It does not matter where the company headquarters are. It does not matter what State the company is incorporated in. It does not matter if it is a foreign company. The only thing that matters is that if you work in California you are covered by the California Labor Code. All of it -- minimum wage, overtime, vacation pay, meal breaks. As such, you are entitled to overtime if you work more than 8 hours in a day, even if you do not work more than 40 hours in the week.
If you work in California, you are covered by the California Labor Code. It does not matter where your company is "based" out of. As such, under California law, a "use it of lose it" policy is illegal. This is true even if you are the only employee in California and there are thousands elsewhere.
|January 2017: New minimum wage laws and overtime exemptions|
|December 2016: New federal regulations for overtime create confusing issues for California workers|
|New Computer Professional Law wage increase Jan 01, 2015|
|August 2013: Unpaid internships are illegal.|
|April 2013: California's executive exemption defined.|
|California Labor and Employment Law Blog|
|Meal Break violations can extend back four years|
|Information Technology (IT) overtime.|
|VIDEO LINK: Michael Tracy discusses Liquidated Damages for Overtime (QuickTime 6MB)|