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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	%

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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