v3.20.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows:
| Years Ended December 31,
| 2020 |  | 2019
Current: |  |  |
Federal | $ | — |  |  | $ | — |
State and Local | — |  |  | — |
Total Current | — |  |  | — |
Deferred: |  |  |
Federal | 21,864,569 |  |  | — |
State and Local | (30,639) |  |  | — |
Total Deferred | 21,833,930 |  |  | — |
Total provision for income taxes | $ | 21,833,930 |  |  | $ | — |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of taxes at the federal statutory rate to our provision for income taxes was as follows:
| Years Ended December 31,
| 2020 |  | 2019
Federal tax benefit at statutory rates | 21.0 | % |  | 21.0 | %
State and local tax at statutory rates | (0.1) | % |  | (0.6) | %
Fair value adjustments on warrant liability | 37.1 | % |  | (9.3) | %
Fair value adjustments on convertible notes | 2.8 | % |  | — | %
Stock-based compensation deductions | (6.6) | % |  | — | %
Other permanent differences and credits | — | % |  | (0.8) | %
Change in valuation allowance | (30.4) | % |  | (10.3) | %
Total tax benefit | 23.8 | % |  | — | %
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. When realization of the deferred tax asset is more likely than not to occur, the benefit related to the deductible temporary differences attributable to operations is recognized as a reduction of income tax expense. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of December 31, 2020, management determined that there is sufficient positive evidence to conclude that it is more likely than not that deferred tax assets of approximately $27.8 million are realizable. Management's determination was based on the Company's achievement of three years of cumulative pretax income in the U.S. federal tax jurisdiction, which was primarily driven by the change in fair value of our investment in LMC. We therefore reduced the valuation allowance accordingly. Significant components of the Company’s deferred tax assets and liabilities are as follows:
Schedule of Deferred Tax Assets and Liabilities |
| December 31
| 2020 |  | 2019
Deferred Tax (Liabilities) Assets: |  |  |
Accrued expenses and reserves | $ | 853,199 |  |  | $ | 802,526 |
Warranty reserve | 1,150,830 |  |  | 1,275,047 |
Non-qualified stock options | 358,808 |  |  | 961,919 |
Property, plant and equipment | (319,632) |  |  | 202,755 |
Fair value adjustment of investment in LMC | (66,674,379) |  |  | — |
Issuance fees on convertible notes | 1,031,658 |  |  | — |
Other temporary differences | — |  |  | (88,200) |
Net operating losses | 47,344,755 |  |  | 30,213,192 |
Total Deferred Tax (Liabilities) Assets | (16,254,761) |  |  | 33,367,239 |
Valuation Allowance | (5,579,169) |  |  | (33,367,239) |
Total Deferred Tax Liabilities, net of valuation allowance | $ | (21,833,930) |  |  | $ | — |
Schedule of Unrecognized Tax Benefits Roll Forward | Tabular reconciliation of unrecognized tax benefits
| 2020 |  | 2019
Unrecognized tax benefits - January 1 | $ | 1,163,282 |  |  | $ | 1,163,282 |
Gross increases - tax positions in prior period | — |  |  | — |
Gross decreases - tax positions in prior period | — |  |  | — |
Gross increases - tax positions in current period | — |  |  | — |
Settlement | — |  |  | — |
Lapse of statute of limitations | — |  |  | — |
Unrecognized tax benefits - December 31 | $ | 1,163,282 |  |  | $ | 1,163,282 |

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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=84230637&loc=d3e32639-109319 + Details
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