XML 124 R105.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Components of (loss) income before income taxes and gain from equity method investees, net

The components of (loss) income before income taxes and gain from equity method investees, net are as follows (in thousands):

			Year Ended December 31,
			2021						2020
			as Restated						as Restated
United States			$	(39,860)					$	106
New Zealand			$	(7,551)					$	(40,651)
Foreign			$	722					$	2,832
Total			$	(46,689)					$	(37,713)

Income tax provision

			For the Period from January 28, 2021 (inception) through December 31, 2021
Current
Federal			$	—
State			—
Deferred
Federal			(290,181)
State
Valuation allowance			290,181
Income tax provision			$	—

The components of income tax expense were as follows (in thousands):

			Year Ended December 31,
			2021						2020
Current:
United States			$	—					$	—
New Zealand			$	—					$	—
Foreign			$	—					$	—
Total			$	—					$	—
Deferred:
United States			—						—
New Zealand			—						—
Foreign			—						—
Total			—						—

Reconciliation of income taxes computed at statutory federal income tax rate

			For the Period from January 28, 2021 (inception) through December 31, 2021
Statutory federal income tax rate			21.0		%
Change in fair value of derivative warrant liabilities			(855.9)		%
Offering costs allocated to derivative warrant liabilities			214.0		%
Change in valuation allowance			620.9		%
Income tax expense			0.0		%

The following table is a reconciliation of income taxes computed at the statutory federal income tax rate (21.0% federal income tax rate in the United States for 2021 and 28.0% federal income tax rate in the New Zealand for

2020, respectively) to the income tax expense (benefit) reflected in the consolidated statement of operations and comprehensive loss (in thousands, except percentages):

			Year Ended December 31,
			2021												2020
			as Restated												as Restated
Income tax (benefit) at the statutory federal income tax rate			$	(9,805)					21.0		%				$	(10,560)					28.0		%
Foreign tax rate differential			(605)						1.3		%				1,180						(3.2)		%
State and local taxes			(4,068)						8.7		%				(2,429)						6.4		%
Effects of impairment			—						—		%				10,281						(27.9)		%
Foreign exchange differences			(143)						0.3		%				(5,892)						16.0		%
Stock-based compensation			501						(1.1)		%				670						(1.8)		%
Interest income on receivable			882						(1.9)		%				2,120						(5.7)		%
Equity method investment			(443)						0.9		%				(679)						1.8		%
Non-deductible legal costs			1,291						(2.8)		%				—						—		%
Gain from redomiciliation of intellectual property			4,890						(10.5)		%				—						—		%
Valuation allowance			7,958						(17.0)		%				5,505						(14.1)		%
PPP loan forgiveness			(644)						1.4		%				$	—					—		%
Other			186						(0.3)		%				(196)						0.5		%
Total income tax benefit			$	—					—		%				$	—					—		%

Significant components of deferred tax assets and liabilities

			December 31, 2021
Deferred tax assets:
Start-up/Organization costs			$	210,307
Net operating loss carryforwards			79,874
Total deferred tax assets			290,181
Valuation allowance			(290,181)
Deferred tax asset, net of allowance			$	—

Significant components of deferred tax assets and liabilities as of December 31, 2021 and 2020, were as follows (in thousands):

						Year Ended December 31,
						2021						2020
Deferred tax assets:						as Restated						as Restated
Net operating loss and credit carryforwards						$	107,979					$	104,301
Operating lease liability						1,878						2,394
Accrued bonus						981						850
Accrued expenses						1,566						429
Deferred revenue						309						1,018
Equity method investment						1,243						1,031
Other						925						394
						$	114,881					$	110,417
Valuation allowance						(113,276)						(108,300)
Net deferred tax asset						$	1,605					$	2,117
Deferred tax liabilities:
Operating lease asset						(1,429)						(1,941)
Other						(176)						(176)
Total deferred tax liabilities						$	(1,605)					$	(2,117)
Net deferred income tax assets and liabilities:						$	—					$	—

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration