XML 54 R32.htm IDEA: XBRL DOCUMENT
v3.22.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Taxes [Abstract] |
Loss before Income Taxes | Loss before income taxes consist of the following:
|  | Years ended December 31, |
|  | 2021 |  |  | 2020 |
Domestic |  | $ | (122,296,000 | ) |  | $ | (26,531,000 | )
Foreign |  |  | (5,000 | ) |  |  | - |
Total tax provision for income taxes |  | $ | (122,301,000 | ) |  | $ | (26,531,000 | )
Income Tax Provision | For each of the years ended December 31, 2021 and 2020, current tax provisions and current deferred tax provisions were recorded as follows:
|  | Years ended December 31, |
|  | 2021 |  |  | 2020 |
Current Tax Provision |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | 5,000 |  |  |  | - |
Foreign |  |  | - |  |  |  | - |
|  |  | 5,000 |  |  |  | - |
Deferred Tax Provision |  |  |  |  |  |  |  |
Federal |  |  | (5,836,000 | ) |  |  | - |
State |  |  | (1,433,000 | ) |  |  | (322,000 | )
Foreign |  |  | (1,000 | ) |  |  | - |
|  |  | (7,270,000 | ) |  |  | (322,000 | )
Change in valuation allowance |  |  | 7,270,000 |  |  |  | 322,000 |
Total tax provision for income taxes |  | $ | 5,000 |  |  | $ | - |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the effects of temporary differences as shown in the table below. Deferred tax assets have been fully reserved by a valuation allowance since it is more likely than not that such tax benefits will not be realized.
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
Deferred Tax Assets: |  |  |  |  |  |
Net operating losses |  |  | 5,454,000 |  |  |  | 747,000 |
Foreign net operating losses |  |  | 595,000 |  |  |  | - |
R&D credit carryforwards |  |  | 288,000 |  |  |  | - |
Stock compensation |  |  | 1,312,000 |  |  |  | - |
Vacation accrual |  |  | 30,000 |  |  |  | - |
Contingent consideration |  |  | 5,171,000 |  |  |  | - |
Deferred rent |  |  | 40,000 |  |  |  | - |
Total gross deferred tax assets |  |  | 12,890,000 |  |  |  | 747,000 |
Valuation allowance |  |  | (12,610,000 | ) |  |  | (747,000 | )
Net deferred tax assets |  |  | 280,000 |  |  |  | - |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Fixed assets |  |  | (168,000 | ) |  |  | - |
Intangibles - goodwill |  |  | (112,000 | ) |  |  | - |
Total deferred tax liabilities |  |  | (280,000 | ) |  |  | - |
Net deferred taxes |  | $ | - |  |  | $ | - |
Reconciliation of Computed Expected Income Taxes to Effective Income Taxes | The reconciliation of computed expected income taxes to effective income taxes by applying the federal statutory rate of 21% as follows:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
Tax at federal income tax rate |  |  | 21.00 | % |  |  | 21.00 | %
State income tax, net of federal tax |  |  | 1.17 |  |  |  | - |
Non-deductible expenses/excludable items |  |  | (16.33 | ) |  |  | - |
Pass-through loss |  |  | - |  |  |  | (19.79 | )
Change in valuation allowance |  |  | (5.94 | ) |  |  | (1.21 | )
Credits |  |  | 0.24 |  |  |  | - |
Other |  |  | (0.14 | ) |  |  | - |
Provision for income taxes |  |  | 0.00 | % |  |  | 0.00 | %

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 http://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 http://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 http://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 http://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