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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Provision for Income Taxes | Income (loss) before provision for income taxes consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Domestic |  | $ | 2,221 |  |  | $ | 33,191 |
Foreign |  |  | (509 | ) |  |  | (286 | )
Income before provision for income taxes |  | $ | 1,712 |  |  | $ | 32,905 |
Schedule of Income Tax Provision | The income tax provision for the year ended December 31, 2022 and 2021 consists of the following:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Current income tax provision (benefit): |  |  |  |  |  |  |  |
Federal |  | $ | 749 |  |  | $ | — |
State and Local |  |  | 377 |  |  |  | 286 |
Foreign |  |  | 5 |  |  |  | — |
Total current expense (benefit): |  |  | 1,131 |  |  |  | 286 |
Deferred income tax provision (benefit): |  |  |  |  |  |  |  |
Federal |  |  | (714 | ) |  |  | — |
State and Local |  |  | (29 | ) |  |  | — |
Foreign |  |  | — |  |  |  | — |
Total deferred expense (benefit): |  |  | (743 | ) |  |  | — |
Total income tax provision (benefit) |  | $ | 388 |  |  | $ | 286 |
Schedule of Reconciliation of the Federal Income Tax Rate to the Company Effective Tax Rate | A reconciliation of the federal income tax rate to the Company’s effective tax rate for the year ended December 31, 2022 and 2021 is as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Statutory federal income tax rate |  |  | 21.00 | % |  |  | 21.00 | %
State taxes, net of federal benefit |  |  | 18.20 | % |  |  | 0.87 | %
Nontaxable partnership income |  |  | -41.39 | % |  |  | -21.00 | %
Foreign rate differential |  |  | -2.71 | % |  |  | 0.00 | %
Change in valuation allowance |  |  | 27.55 | % |  |  | 0.00 | %
|  |  | 22.65 | % |  |  | 0.87 | %
Schedule of Deferred Tax Assets and Liabilities | The Company’s net deferred tax assets (liabilities) as of December 31, 2022 and 2021 is as follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |
Outside basis difference in partnership |  | $ | 1,173 |  |  | $ | — |
Net operating loss carryforwards |  |  | 164 |  |  |  | — |
Intangibles |  |  | 978 |  |  |  | — |
Total deferred tax assets |  | $ | 2,315 |  |  | $ | — |
Valuation allowance |  |  | (477 | ) |  |  | — |
Deferred tax assets, net of allowance |  | $ | 1,838 |  |  | $ | — |

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