XML 48 R33.htm IDEA: XBRL DOCUMENT v3.22.4

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Loss from continuing operations before income taxes, classified by source of income, were as follows (in thousands):

			Years ended December 31,
			2022						2021						2020
Domestic			$	(84,746)					$	(77,502)					$	(52,992)
Total			$	(84,746)					$	(77,502)					$	(52,992)

Schedule of Loss from Continuing Operations Before Income Taxes

The components of the provision (benefit) for income taxes were as follows (in thousands):

			Years ended December 31,
			2022						2021						2020
Current:
Federal			$	—					$	—					$	—
State and local			—						—						—
Foreign			—						—						—
Total current provision (benefit)			$	—					$	—					$	—
Deferred:
Federal			—						—						—
State and local			—						—						—
Foreign			—						—						—
Total deferred provision (benefit)			$	—					$	—					$	—
Total provision (benefit) for income taxes			$	—					$	—					$	—

Schedule of Reconciliation Between Income Taxes Computed at the U.S. Statutory Income Tax Rate and Provision for Income Taxes

The effective tax rate differs from the statutory tax rates as follows (in thousands):

			Years ended December 31,
			2022												2021												2020
Tax at statutory federal rate			$	(17,797)					21.0		%				$	(16,275)					21.0		%				$	—					—		%
Rates different than the statutory rate			—						—		%				2,677						(3.5)		%				—						—		%
State income tax			(1,433)						1.7		%				—						—		%				—						—		%
Compensation expense			805						(0.9)		%				2,973						(3.8)		%				—						—		%
Warrant expense and other permanent items			1,247						(1.5)		%				241						(0.3)		%				—						—		%
Change in tax status			—						—		%				(4,100)						5.3		%				—						—		%
Tax Credits			(3,571)						4.2		%				—						—		%				—						—		%
Prior period adjustment			(1,880)						2.2		%				—						—		%				—						—		%
Tax rate change			(712)						0.8		%				—						—		%				—						—		%
Valuation allowance			24,136						(28.5)		%				15,205						(19.6)		%				—						—		%
Other			(795)						0.9		%				(721)						0.9		%				—						—		%
Provision (benefit) for income taxes			$	—					—		%				$	—					—		%				$	—					—		%

Schedule of Deferred Tax Assets and (Liabilities)

The components of the deferred income tax assets and liabilities were as follows (in thousands):

			Years ended December 31,
			2022						2021
Deferred tax assets:
Net operating losses and tax credit carry-forward			$	32,918					$	3,585
Stock-based compensation			1,837						728
Start-up expenses			10,301						10,819
Property, plant, and equipment			—						1,107
Interest expense carryforwards			—						306
Deferred revenue			1,370						1,090
Lease liabilities			4,604						—
Other			859						788
Gross deferred tax asset			$	51,889					$	18,423
Less valuation allowance			(39,340)						(15,205)
Net deferred tax asset			$	12,549					$	3,218
Deferred tax liabilities:
Research and experimental expenses			(1,662)						(2,691)
Property, plant, and equipment			(5,821)						—
Right of use assets			(4,415)						—
Other accruals			(651)						(527)
Total deferred tax liability			$	(12,549)					$	(3,218)
Net deferred tax asset (liability)			$	—					$	—

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration