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]  
Provision for income taxes
The provision for income taxes consists of the following:
Year Ended December 31,
2022 2021
Income tax provision:
Current
Non-US $ $ (71)
Federal (1) — 
State —  — 
Deferred
Non-US —  — 
Federal 23  — 
State — 
Provision for income taxes $ 31  $ (71)
Schedule of effective income tax rate reconciliation
A reconciliation of the income tax expense calculated using the applicable federal statutory rate to the Company’s actual income tax expense is as follows:
December 31,
2022 2021
Federal statutory income tax rate 21.00  % 21.00  %
State and local income taxes, net of federal benefit 3.48  % (9.65) %
Nondeductible expenses (0.10) % 0.53  %
Other (0.03) % —  %
Loan forgiveness —  % (11.53) %
Warrant liabilities 1.65  % (55.32) %
Stock-based compensation (0.01) % (25.33) %
Change in state tax rates 1.74  % 6.07  %
Change in valuation allowance (26.83) % 73.68  %
True-up adjustments (1.06) % (1.67) %
Foreign rate differential (0.01) % 0.28  %
(0.17) % (1.94) %
Schedule of deferred tax assets The tax effect of temporary differences that give rise to a significant portion of the deferred tax assets and tax liabilities are as follows:
December 31,
2022 2021
Deferred tax assets:
Intangible assets and goodwill $ 15  $ — 
Sec. 174 research and development costs 2,159  — 
Accrued expense 112  64 
Sec. 263(a) 17  17 
Stock compensation 1,157  477 
ASC 842 – Operating lease liabilities 565  29 
Property and equipment 216  194 
Net operating losses 27,036  24,291 
Earnout consideration 261 
Tax credits 893  893 
Acquisition costs 90  — 
Other 251 
Less: valuation allowance (32,196) (25,971)
Total deferred tax assets 576  — 
Deferred tax liabilities:
Intangible assets and goodwill $ (28) $ — 
Property equipment (25) — 
ASC 842 Right-of-use assets (550) — 
Total deferred tax liabilities (603) — 
Net deferred tax liabilities $ (27) $ —