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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of significant components of income tax expense (benefit) | The significant components of income tax expense (benefit) are as follows (in thousands):
| As of December 31,
| 2022 |  | 2021
Current: |  |  |
Federal | $ | – |  |  | $ | – |
State | – |  |  | – |
Foreign | 150 |  |  | – |
| 150 |  |  | – |
Deferred: |  |  |
Federal | – |  |  | – |
State | – |  |  | – |
Foreign | (45) |  |  | – |
| (45) |  |  | – |
Income Tax Expense: | $ | 105 |  |  | $ | – |
Schedule of deferred tax assets and liabilities | Net deferred tax assets consist of the following components (in thousands):
| As of December 31,
| 2022 |  | 2021
Deferred Tax Assets: |  |  |
NOL Carryover | $ | 40,870 |  |  | $ | 22,452 |
Lease Liability | 3,140 |  |  | 869 |
Stock Compensation | 2,355 |  |  | 2,058 |
Warrants | 153 |  |  | 239 |
Marketable Securities | 1,851 |  |  | 351 |
Other | 1,924 |  |  | 291 |
Subtotal | 50,293 |  |  | 26,260 |
Valuation Allowance | (41,271) |  |  | (23,931) |
Deferred Tax Liabilities: |  |  |
Right of Use Assets | (2,949) |  |  | (788) |
Intangible Assets | (6,778) |  |  | (1,541) |
Other | – |  |  | – |
Net Deferred Tax Liability | $ | (705) |  |  | $ | – |
Schedule of effective income tax rate reconciliation | The income tax provision differs from the amount of income tax determined by applying the U.S. federal tax rate to pretax income from continuing operations due to the following (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Income Tax Expense Computed at the Statutory Federal Rate | $ | (9,553) |  |  | $ | (26,521) |
State Income Taxes, Net of Federal Tax Effect | (1,883) |  |  | (3,057) |
Stock Compensation | 1,894 |  |  | 2,421 |
Contingent Earn Out | (282) |  |  | (1,228) |
Goodwill Impairment | 1,020 |  |  | 1,003 |
Warrants | (53) |  |  | 14,519 |
Other | 960 |  |  | 305 |
Non-U.S. operations | (94) |  |  | (106) |
Valuation Allowance | 8,096 |  |  | 12,664 |
Income Tax Expense | $ | 105 |  |  | $ | – |

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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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- 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
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