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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
Schedule of components of the net loss (income) before tax on income | The components of net loss before income tax for continuing operations (comprised of the total of loss before income tax and equity in net loss of investee and equity in net loss of investee, net of tax) for the year ended December 31, 2022 and the period February 8, 2021 (date of inception) to December 31, 2021 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Period February 8, 2021 (date of
​ | ​ | Year Ended | ​ | inception) to
​ | ​ | December 31, | ​ | December 31,
​ |  | 2022 |  | 2021
Domestic |  | $ | (86,190) |  | $ | (47,192)
Foreign |  | ​ | — |  | ​ | —
Total |  | $ | (86,190) |  | $ | (47,192)
​
Schedule of income tax provision | The Company’s income tax benefit for continuing operations for the year ended December 31, 2022 and the period February 8, 2021 (date of inception) to December 31, 2021 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Period February 8, 2021 (date of
​ | ​ | Year Ended | ​ | inception) to
​ | ​ | December 31, | ​ | December 31,
​ |  | 2022 |  | 2021
Current: |  | ​ |  |  | ​ |
Federal |  | $ | — |  | $ | —
State |  | ​ | — |  | ​ | —
Foreign | ​ | ​ | — | ​ | ​ | —
Total current income tax (benefit) expense |  | ​ | — |  | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred: |  | ​ |  |  | ​ |
Federal |  | ​ | (256) |  | ​ | (615)
State |  | ​ | — |  | ​ | —
Foreign | ​ | ​ | 0 | ​ | ​ | 0
Total deferred income tax benefit |  | ​ | (256) |  | ​ | (615)
Income tax benefit |  | $ | (256) |  | $ | (615)
​
Schedule of reconciliation between income tax benefit and the expected tax benefit at the statutory rate | A reconciliation between income tax benefit and the expected tax benefit at the statutory rate for the year ended December 31, 2022 and the period February 8, 2021 (date of inception) to December 31, 2021 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Period February 8, 2021 (date of
​ | ​ | Year Ended | ​ | inception) to
​ | ​ | December 31, | ​ | December 31,
​ | ​ | 2022 | ​ | 2021
Federal statutory rate | ​ | 21.0 | % | ​ | 21.0 | %
State rate, net of federal benefit | ​ | 3.0 | % | ​ | — | %
Non-deductible equity financing costs | ​ | — | % | ​ | (2.7) | %
Change in valuation allowance | ​ | (24.6) | % | ​ | (17.0) | %
Other items | ​ | 0.9 | % | ​ | — | %
Effective tax rate | ​ | 0.3 | % | ​ | 1.3 | %
​ ​
Schedule of significant components of the deferred tax assets | The significant components of the Company’s deferred tax liabilities, net consist of the following at December 31, 2022 and 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | December 31, 2022 |  | ​ | December 31, 2021
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Net operating loss |  | $ | 21,599 |  | $ | 6,678
Share based liabilities |  | ​ | 3,811 |  | ​ | 2,630
Accruals and reserves |  | ​ | 1,632 |  | ​ | 470
Tax credit carryforwards |  | ​ | — |  | ​ | 278
Property, plant and equipment | ​ | ​ | 458 | ​ | ​ | —
Operating lease liability | ​ | ​ | 259 | ​ | ​ | 227
Investment in joint venture | ​ | ​ | 1,520 | ​ | ​ | —
Stock compensation |  | ​ | 410 |  | ​ | —
Gross deferred tax assets |  | ​ | 29,689 |  | ​ | 10,283
Valuation allowance |  | ​ | (29,464) |  | ​ | (8,295)
Deferred tax assets, net |  | ​ | 225 |  | ​ | 1,988
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: |  | ​ |  |  | ​ |
Property, plant and equipment |  | ​ | — | ​ | ​ | (899)
Intangible assets |  | ​ | — | ​ | ​ | (723)
Inventory |  | ​ | — | ​ | ​ | (407)
Right-of-use asset |  | ​ | (225) | ​ | ​ | (215)
Gross deferred tax liabilities | ​ | ​ | (225) | ​ | ​ | (2,244)
Deferred tax liabilities, net |  | $ | — |  | $ | (256)
​

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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