Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 December 31, 2022
Current:
Federal $ —  $ — 
State (73) 33 
Foreign 512  259 
Total current income tax expense (benefit) 439  292 
Deferred:
Federal 48  (6,317)
State 62  (1,963)
Foreign (1,035) 16 
Total deferred income tax expense (benefit) (925) (8,264)
Total income tax expense (benefit) $ (486) $ (7,972)
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, 2023 December 31, 2022
Income (loss) before income taxes $ (27,750) $ (138,592)
Federal statutory income tax rate 21.0  % 21.0  %
Expected federal provision (benefit) for income taxes at the federal statutory income tax rate (5,828) (29,104)
State income tax (benefit), net of federal tax benefit (1,190) (5,394)
Change in fair value of warrants 422  (3,735)
Nondeductible impairment of goodwill —  10,483 
Permanent differences 136  226 
Tax (benefits) / non-deductible expenses related to equity-based compensation 984  1,784 
Acquisition costs —  620 
Change in valuation allowance 4,808  18,498 
Other 182  (1,350)
Total income tax expense (benefit)
 $ (486) $ (7,972)
Effective tax rate 1.8  % 5.8  %
Schedule of Deferred Tax Assets and Liabilities
The table below presents the components of deferred tax assets, net and deferred tax liabilities:
December 31, 2023 December 31, 2022
Deferred tax assets:
Accrued expenses and reserves $ 1,992  $ 4,997 
Capitalized research and development expenses 2,241  1,182 
Tax credit carryforwards 240  230 
Deferred revenue 1,217  — 
Net operating loss carryforwards 20,371  19,303 
Interest disallowance 6,640  4,046 
Equity-based compensation 1,580  1,053 
Lease liability 4,454  4,293 
Other assets 54  19 
Total deferred tax assets 38,789  35,123 
Less: valuation allowance (23,821) (19,013)
Deferred tax assets, net of valuation allowance 14,968  16,110 
Deferred tax liabilities:
Right-of-use asset $ (3,725) $ (3,584)
Deferred revenue
 —  (1,498)
Depreciation and amortization (13,523) (13,712)
Other (122) (571)
Deferred tax liabilities (17,370) (19,365)
Total net deferred tax assets (liabilities) $ (2,402) $ (3,255)
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, 2021 $ (515)
Income tax expense (18,498)
Valuation allowance as of December 31, 2022 $ (19,013)
Income tax expense (4,808)
Valuation allowance as of December 31, 2023
 $ (23,821)
Schedule of Unrecognized Tax Benefits Roll Forward
The table below presents changes in reserves for unrecognized income tax benefits for the following periods:
Year Ended
December 31, 2023 December 31, 2022
Unrecognized tax benefits, beginning of period $ 1,380  $ 1,380 
Increase (decrease) for tax positions taken related to a prior period —  — 
Increase (decrease) for tax positions taken during the current period —  — 
Unrecognized tax benefits, end of period $ 1,380  $ 1,380