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Income Taxes (Tables)

12 Months Ended

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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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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