Post-effective amendment to a registration statement that is not immediately effective upon filing

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of Reconciliation of Effective Tax Rate to Statutory Federal Rate

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate consist of the following:

For the Years Ended December 31,

2021

2020

Federal statutory rate

(21.00)

%

(21.00)

%

Permanent items

(0.05)

%

(0.04)

%

Fair market value earnout

(4.72)

%

%

Settlement warrants

13.35

%

%

Stock compensation

(0.02)

%

%

Foreign rate differential

(0.00)

%

0.01

%

State taxes

(0.05)

%

(1.74)

%

Increase in valuation allowance

12.62

%

23.01

%

R&D credit

(0.13)

%

(0.24)

%

Other

%

0.00

%

Effective tax rate

0.00

%

0.00

%

Schedule of Components of Income Tax Provision (Benefit)

The components of income tax provision (benefit) are as follows (in thousands):

As of December 31,

2021

2020

Federal

$

$

Current

Deferred

(11,709)

(11,016)

Foreign

Current

Deferred

(5)

3

State and Local

Current

Deferred

(42)

(901)

Change in Valuation Allowance

11,756

11,914

Total

$

$

Schedule of Deferred Tax Assets and Liabilities

As of December 31,

2021

2020

Deferred tax assets (liabilities):

Net operating loss carryforwards

$

28,053

$

8,244

Common stock warrants

1,876

1,406

Foreign net operating loss carryforwards

134

128

Founder share options

469

Stock-based compensation

1,584

681

Bonus accrual

100

121

Settlement liability

9,006

Other

59

R&D credit

500

375

Depreciation

(2)

32,245

20,489

Valuation allowance

(32,245)

(20,489)

Deferred tax assets, net of allowance

$

$