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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax | For financial reporting purposes, Loss before (benefits) provision for income taxes, includes the following components:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Domestic | $ | (200,485) |  |  | $ | (145,395) |  |  | $ | (23,605) |
Foreign | 112 |  |  | — |  |  | — |
Total | $ | (200,373) |  |  | $ | (145,395) |  |  | $ | (23,605) |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consists of the following:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | 214 |  |  | 115 |  |  | — |
Foreign | 23 |  |  | — |  |  | — |
Total Current | 237 |  |  | 115 |  |  | — |
Deferred: |  |  |  |  |
Federal | (17,182) |  |  | — |  |  | — |
State | (2,051) |  |  | — |  |  | — |
Foreign | — |  |  | — |  |  | — |
Total Deferred | (19,233) |  |  | — |  |  | — |
Provision for income taxes | $ | (18,996) |  |  | $ | 115 |  |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate of 21% is as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
U.S. Federal provision (benefit) |  |  |  |  |
At statutory rate | $ | (42,125) |  |  | $ | (30,533) |  |  | $ | (5,956) |
State taxes | (1,481) |  |  | 90 |  |  | — |
Valuation allowance | 38,456 |  |  | 26,245 |  |  | 6,320 |
Stock based compensation | (1,834) |  |  | (7,257) |  |  | (182) |
Permanent differences related to fair value adjustments | (18,464) |  |  | 8,573 |  |  | — |
Other permanent differences | 6,452 |  |  | 2,997 |  |  | (182) |
Total | $ | (18,996) |  |  | $ | 115 |  |  | $ | — |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes are as follows:
| December 31,
| 2021 |  | 2020
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 105,317 |  |  | $ | 47,864 |
Stock-based compensation | 2,682 |  |  | 2,492 |
Reserves and accruals | 5,154 |  |  | 1,239 |
Lease liabilities | 3,750 |  |  | — |
Other | 632 |  |  | 291 |
Total deferred tax assets | $ | 117,535 |  |  | $ | 51,886 |
Less: valuation allowance | (95,857) |  |  | (51,859) |
Deferred tax assets, net of valuation allowance | $ | 21,678 |  |  | $ | 27 |
Deferred tax liabilities: |  |  |
Intangibles | (18,930) |  |  | — |
Property and Equipment | (120) |  |  | (27) |
Right of use assets | (3,471) |  |  | — |
Total deferred tax liabilities | (22,521) |  |  | (27) |
Net deferred tax assets | $ | (843) |  |  | $ | — |

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