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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes consists of the following (in thousands):

						Years Ended December 31,
						2021						2020
Current:
Federal						$	—					$	—
State						27						27
Total current						27						27
Deferred:
Federal						137						(117)
State						11						11
Total deferred						148						(106)
Provision (benefit) for income tax						$	175					$	(79)

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate of our provision for income taxes differs from the federal statutory rate as follows:

						Years Ended December 31,
						2021						2020
Federal statutory tax rate						(21.0)		%				(21.0)		%
State income taxes, net of federal tax benefits						(3.8)		%				(3.9)		%
Research and development tax credits						(1.2)		%				(0.5)		%
Stock compensation						0.9		%				1.0		%
Non-deductible expenses						1.1		%				1.1		%
Change in valuation allowance						24.6		%				22.6		%
Other						—		%				0.2		%
Effective tax rate						0.6		%				(0.5)		%

Schedule of Deferred Tax Assets and Liabilities

If the Company’s judgment changes and it is determined that the Company will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be accounted for as a reduction to income tax expense (in thousands).

						December 31,
						2021						2020
Deferred tax assets:
Net operating loss carryforwards						$	22,365					$	17,733
Research and development tax credits						1,102						629
Accruals, reserves and other						1,055						920
Interest expense						1,953						1,306
Basis differences in fixed and intangible assets						—						117
Stock compensation						1,407						528
Total gross deferred tax assets						27,882						21,233
Less: valuation allowance						(27,158)						(20,596)
Deferred tax assets, net						724						637
Deferred tax liabilities:
Financing and acquisition-related liabilities						(335)						(336)
Indefinite lived assets						(521)						(459)
Basis differences in fixed and intangible assets						(175)						—
Deferred tax liabilities, net						(1,031)						(795)
Net deferred tax liabilities						$	(307)					$	(158)

Summary of Valuation Allowance

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2021 and 2020, which related primarily to increases in net operating loss (NOL) carryforwards, accrued revenue and accruals and reserves were as follows (in thousands):

						December 31,
						2021						2020
Valuation allowance at the beginning of the year						$	20,596					$	16,797
Decreases recorded as benefits to income tax provision						—						—
Increases recorded to income tax provision						6,562						3,799
Valuation allowance at the end of the year						$	27,158					$	20,596

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-SubTopic 10
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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.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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