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 significant components of income tax expense (benefit) The significant components of income tax expense (benefit) are as follows (in thousands):
As of December 31,
2022 2021
Current:
Federal $ –  $ – 
State –  – 
Foreign 150  – 
150  – 
Deferred:
  Federal –  – 
  State –  – 
  Foreign (45) – 
(45) – 
Income Tax Expense: $ 105  $ – 
Schedule of deferred tax assets and liabilities Net deferred tax assets consist of the following components (in thousands):
As of December 31,
2022 2021
Deferred Tax Assets:
NOL Carryover $ 40,870  $ 22,452 
Lease Liability 3,140  869 
Stock Compensation 2,355  2,058 
Warrants 153  239 
Marketable Securities 1,851  351 
Other 1,924  291 
Subtotal 50,293  26,260 
Valuation Allowance (41,271) (23,931)
Deferred Tax Liabilities:
Right of Use Assets (2,949) (788)
Intangible Assets (6,778) (1,541)
Other –  – 
Net Deferred Tax Liability $ (705) $ – 
Schedule of effective income tax rate reconciliation
The income tax provision differs from the amount of income tax determined by applying the U.S. federal tax rate to pretax income from continuing operations due to the following (in thousands):
Year Ended December 31,
2022 2021
Income Tax Expense Computed at the Statutory Federal Rate $ (9,553) $ (26,521)
State Income Taxes, Net of Federal Tax Effect (1,883) (3,057)
Stock Compensation 1,894  2,421 
Contingent Earn Out (282) (1,228)
Goodwill Impairment 1,020  1,003 
Warrants (53) 14,519 
Other 960  305 
Non-U.S. operations (94) (106)
Valuation Allowance 8,096  12,664 
Income Tax Expense $ 105  $ –