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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are as follows for the years ended December 31, 2020, 2019, and 2018 (in thousands):

		Year Ended December 31,
		2020				2019				2018
Current:
Federal		$	—			$	—			$	—
State and local			84				168				229
Total current tax expense			84				168				229
Deferred tax (benefit):
Federal			—				—				—
State and local			—				—				—
Total deferred tax (benefit)			—				—				—
Provision for income taxes		$	84			$	168			$	229

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes at the statutory rate to the amount reflected in the consolidated statements of operations is as follows (in thousands):

		Year Ended December 31,
		2020				2019				2018
Income taxes at statutory rate		$	(42,570	)		$	(29,990	)		$	(17,839	)
State income taxes, net of federal benefit			(5,417	)			(1,096	)			180
Permanent differences			1,264				772				229
Change in valuation allowance			46,901				30,051				17,756
Other			(94	)			431				(97	)
Provision for income taxes		$	84			$	168			$	229

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

		As of December 31,
		2020				2019
Deferred tax assets:
Net operating loss carryforwards		$	102,252			$	66,879
Inventory reserves			12,409				5,911
Stock-based compensation			3,119				840
Accrued Expense			1,456				867
Depreciation			—				114
Right of Use Asset			4,175				—
Allowance for Doubtful Accounts			1,809				173
Other			836				423
Total deferred tax assets			126,056				75,207
Less: valuation allowance			(121,859	)			(74,959	)
Net deferred tax assets			4,197				248
Deferred tax liabilities:
Intangible amortization			(225	)			(248	)
Depreciation			(29	)			—
Lease Liability			(3,943	)			—
Net deferred tax liabilities			(4,197	)			(248	)
Net deferred income taxes		$	—			$	—

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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=84230637&loc=d3e32639-109319

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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.

+ 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=84230637&loc=d3e32537-109319

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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.

+ 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=84230637&loc=d3e32687-109319

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