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INCOME TAXES
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 12 – INCOME TAXES

 

As discussed in Notes 4 and 5, the Company recognized net deferred tax liabilities associated with the Precision Healing merger and the Scendia acquisition. As of September 30, 2022, prior to consideration of these deferred tax liabilities, the Company had net deferred tax assets in excess of the deferred tax liabilities being recognized, however, a 100% valuation allowance had previously been provided against the Company’s net deferred tax assets. As a result of the recording of the net deferred tax liabilities related to the Precision Healing merger and Scendia acquisition, the Company reviewed the valuation allowance and determined that it should be reduced by the amount of the deferred tax liabilities that were recognized. This resulted in a year-to-date income tax benefit of approximately $5.8 million consisting of approximately $4.1 million in the quarter ended June 30, 2022, and approximately $1.7 million in the quarter ended September 30, 2022.