Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets are as follows:

 

 

December 31,

 

 

 

2021

 

 

2020

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforward

 

$

92,339

 

 

$

56,815

 

Startup/Organization expenses

 

 

176

 

 

 

177

 

Investment in Partnership

 

 

-

 

 

 

70,244

 

Interest expense

 

 

4,066

 

 

 

1,652

 

Property and equipment

 

 

8,752

 

 

 

-

 

Leases

 

 

1,210

 

 

 

-

 

Intangible assets

 

 

26,667

 

 

 

-

 

Sec. 743(b) adjustment

 

 

3,572

 

 

 

-

 

Inventory reserve

 

 

314

 

 

 

-

 

Stock-based compensation

 

 

957

 

 

 

-

 

Accruals and other

 

 

1,224

 

 

 

137

 

Total deferred tax assets

 

 

139,277

 

 

 

129,025

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

Prepaids

 

 

(2,078

)

 

 

-

 

Total deferred tax liabilities

 

 

(2,078

)

 

 

-

 

 

 

 

 

 

 

 

Net deferred tax asset

 

 

137,199

 

 

 

129,025

 

Valuation allowance

 

 

(137,199

)

 

 

(129,025

)

Net deferred tax assets

 

$

-

 

 

$

-

 

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision consists of the following:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Current income taxes:

 

 

 

 

 

 

Federal

 

$

(27

)

 

$

(757

)

State

 

 

-

 

 

 

(67

)

Total current

 

 

(27

)

 

 

(824

)

 

 

 

 

 

 

 

Deferred income taxes:

 

 

 

 

 

 

Total deferred

 

 

-

 

 

 

-

 

Income tax benefit

 

$

(27

)

 

$

(824

)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

 

 

December 31, 2021

 

Pre-tax book loss

 

$

70,676

 

 

 

 

 

 

 

 

 

 

 

Federal provision (benefit)

 

 

(14,842

)

 

 

-21.00

%

Permanent differences

 

 

(303

)

 

 

-0.43

%

Return to provision, other

 

 

6,665

 

 

 

9.42

%

Valuation allowance

 

 

8,453

 

 

 

11.96

%

Total income tax benefit

 

$

(27

)

 

 

-0.04

%