Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.23.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Current and Deferred Components of Income Tax Expense (Benefit)
The table below presents the current and deferred components of income tax expense (benefit) for the following periods:
Year Ended
December 31, 2022 December 31, 2021
Current:
Federal $ —  $ — 
State 33  — 
Foreign 259  — 
Total current income tax expense (benefit) 292  — 
Deferred:
Federal (6,317) (9,376)
State (1,963) (1,893)
Foreign 16  — 
Total deferred income tax expense (benefit) (8,264) (11,269)
Total income tax expense (benefit) $ (7,972) $ (11,269)
Schedule of Effective Income Tax Rate
A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense is as follows:
Year Ended
December 31, 2022 December 31, 2021
Income (loss) before income taxes $ (138,592) $ (72,806)
Federal statutory income tax rate 21.0  % 21.0  %
Expected federal provision (benefit) for income taxes at the federal statutory income tax rate (29,104) (15,289)
State income tax (benefit), net of federal tax benefit (5,394) (1,946)
Change in fair value of warrants (3,735) (552)
Nondeductible impairment of goodwill 10,483  — 
Permanent differences 226  2,483 
Tax (benefits) / non-deductible expenses related to equity-based compensation 1,784  5,228 
Acquisition costs 620  (1,106)
Change in valuation allowance 18,498  458 
Other (1,350) (545)
Total tax expense (benefit) $ (7,972) $ (11,269)
Effective tax rate 5.8  % 15.5  %
Schedule of Deferred Tax Assets and Liabilities
The table below presents the components of the deferred tax assets, net and deferred tax liabilities:
December 31, 2022 December 31, 2021
Deferred tax assets:
Accrued expenses and reserves $ 4,997  $ 1,106 
Capitalized research and development expenses 1,182  — 
Deferred rent —  58 
Tax credit carryforwards 230  226 
Deferred revenue —  636 
Net operating loss carryforwards 19,303  12,052 
Interest disallowance 4,046  1,921 
Equity-based compensation 1,053  566 
Lease liability 4,293  — 
Other assets 19  14 
Total deferred tax assets 35,123  16,579 
Less: valuation allowance (19,013) (515)
Deferred tax assets, net of valuation allowance 16,110  16,064 
Deferred tax liabilities:
Right-of-use asset $ (3,584) $ — 
Deferred Revenue (1,498) — 
Depreciation and amortization (13,712) (23,922)
Other (571) (743)
Deferred tax liabilities (19,365) (24,665)
Total net deferred tax assets (liabilities) $ (3,255) $ (8,601)
Schedule of Change In Valuation Allowance
The table below presents the change in valuation allowance for the following periods:
Valuation allowance as of December 31, 2020 $ (57)
Income tax expense (458)
Valuation allowance as of December 31, 2021 (515)
Income tax expense (18,498)
Valuation allowance as of December 31, 2022 $ (19,013)
Schedule of Unrecognized Tax Benefits Roll Forward
The table below presents changes in reserves for unrecognized income tax benefits for the periods presented:
Year Ended
December 31, 2022 December 31, 2021
Unrecognized tax benefits, beginning of period $ 1,380  $ 1,671 
Increase (decrease) for tax positions taken related to a prior period —  (291)
Increase (decrease) for tax positions taken during the current period —  — 
Unrecognized tax benefits, end of period $ 1,380  $ 1,380