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

$

$